Oil futures bounced between gains and losses Thursday morning.
U.S. West Texas Intermediate futures were down 39 cents, or 0.3%, to $114.54 a barrel. The price rose $5.66 to settle at $114.93 per barrel on Wednesday.
Brent futures were off 4 cents, or 0.1%, to $121.56 a barrel.
Both contracts have posted steep gains this week, with WTI climbing over $10 a barrel, or 10%. Brent futures were up more than $14 a barrel, or 13%, since Monday.
Oil markets jumped by more than 5% on Wednesday following reports that crude exports from Kazakhstan's Caspian Pipeline Consortium (CPC) terminal had completely halted following storm damage., according to Reuters.
Stockpiles in the U.S. fell by 2.5 million barrels last week, while inventories from the U.S. Strategic Petroleum Reserve declined by 4.2 million barrels, according to data from the U.S. Energy Information Administration.
U.S. oil production remained flat at 11.6 million barrels per day, according to EIA data.
President Biden is meeting with NATO allies on Thursday and is expected announce additional sanctions on Russia over its actions in Ukraine.