Oil prices retreated on Thursday after a surge in the prior session as market participants weighed supply risks.
For May delivery, the West Texas Intermediate lost 2.59 U.S. dollars, or 2.3 percent, to settle at 112.34 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 2.57 dollars, or 2.1 percent, to close at 119.03 dollars a barrel on the London ICE Futures Exchange.
On Wednesday, both the U.S. crude standard and Brent jumped more than 5 percent as concerns about supply shortages linger.
European Union nations are divided on whether to ban imports of Russian crude and oil products, but uncertainties remain high, analysts noted.
"The question now is whether those who oppose an import ban might change their stance now that gas purchased by so-called 'unfriendly countries' will have to be paid for in rubles in future, according to a statement by Russian President Putin yesterday," Carsten Fritsch, energy analyst at Commerzbank Research, said Thursday in a note.
Traders continue to digest weekly U.S. fuel inventory data.
The U.S. Energy Information Administration (EIA) reported on Wednesday that the nation's oil inventories decreased by 2.5 million barrels during the week ending March 18. Analysts surveyed by S&P Global Commodity Insights had expected the EIA publications to show crude stockpiles unchanged for the week.
According to the EIA, total motor gasoline inventories decreased by 2.9 million barrels last week, while distillate fuel inventories decreased by 2.1 million barrels.