Dhaka, Oct. 16 -- Oil prices rose by around 1% in early trade on Thursday after US President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, which supplies about one-third of its imports.

Brent crude futures rose 57 cents, or 0.9%, to $62.48 a barrel at 0046 GMT. US West Texas Intermediate (WTI) futures also added 0.9%, or 54 cents, to trade at $58.81, reports Reuters.

Both contracts touched their lowest since early May in the previous session on US-China trade tensions and after the International Energy Agency warned of a big surplus next year as OPEC+ producers and rivals lift output amid weak demand.

Trump said on Wednesday that India would halt oil purchases from its ...