The April US crude contract, rose 65 cents to $79.19 per barrel
According to a poll of 12 experts from brokerages and rating agencies, retail prices of petrol and diesel in India are expected to remain in the current range.
Brent crude, the global benchmark, was up 8 cents, or 0.15 percent, at $52.78 at 0015 GMT. It closed 1.1 percent higher on Wednesday, snapping two days of declines.
International benchmark Brent futures had slipped 7 cents to $53.46 a barrel by 0207 GMT. The March contract closed the previous session down 13 cents at $52.83 a barrel.
Putin and Alexander Novak, the energy minister, were also quoted today as saying that Russian production would increase this year.
Brent crude futures were down 16 cents at USD 61.85 a barrel at 0200 GMT, after falling to USD 62.01 on Monday, their weakest finish since June 5. The contract is heading for its second straight monthly decline.
The gains came after prices for crude oil, gasoline and diesel jumped more than 3 percent on Tuesday as bullish investors made bets across the oil complex for another weekly drop in US stockpiles.
Weak global economic growth momentum and a supply glut will cap oil prices at around USD 60 for the rest of 2015 and into 2016, analysts say.
Japan's customs-cleared crude oil imports rose 9.1 percent to 3.62 million barrels per day (17.28 million kilolitres) in April from the same month a year earlier, the Ministry of Finance said on Monday.
Activity was likely to be thin this session, as UK and US markets are shut on Monday for the Spring Bank Holiday and Memorial Day respectively. European centres such as Germany will be observing the Whit Monday holiday.
Oil futures extended losses on Tuesday, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.37 percent to 798.22 tonnes on Monday from 801.22 tonnes on Friday. In terms of ounces, holdings fell to 25,663,578.79 from 25,760,019.68, their lowest since 2009.
Oil futures on both sides of the Atlantic ended higher for the sixth straight session on Friday, with Brent oil posting the biggest weekly percentage gain in six weeks as turmoil in Egypt and Libya stoked worries about oil supply security.
Kunal Shah, head of research - commodities at Nirmal Bang Commodities feels that the long going crisis between US and Iran is seen moderating, due to which he expects crude oil prices to remain under pressure.
Brent crude rose on Thursday for a fourth day in a row, topping USD 120 a barrel -- a six-month intraday high -- on worries about supply from Iran and from the North Sea, where output was expected to dip next month.
Eurozone worries, slowdown in Chinese economy, crisis in the US and our own inflation and growth numbers to battle with…. Quite a lot has been on for the markets, domestically and globally. What will influence trade today?
Brent crude slipped below USD 112 a barrel on Monday as Europe stumbled over attempts to solve the euro zone debt crisis, strengthening investor fears commodity demand growth may slow.
US crude oil stocks rose unexpectedly last week, while gasoline inventories fell more than expected, US Energy Information Administration data showed on Wednesday.
Brent crude fell towards USD 105 a barrel on Thursday, erasing earlier dollar-fuelled gains, on investor concerns that the European debt crisis could spill over to France and harm global economic growth.
The US Federal Reserve Bank should continue to flood the economy with cheap money to fight high unemployment, but policymakers must stay on watch for signs of inflation, two top Fed officials said on Thursday.
Bruised but not bowed, bulls staged a rebound on Thursday and helped stocks stabilize in a volatile session suggesting investors aren't ready to give up on the market's rally.