MELBOURNEBEIJING, April 7 Reuters Oil prices rose on Thursday from a threeweek low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook.

Brent crude futures climbed 1.42 or 1.4, to 102.52 a barrel at 0651 GMT, while U.S. West Texas Intermediate WTI crude futures rose 1.55, or 1.6, to 97.78 a barrel.

Both benchmarks plunged more than 5 in the previous session and hit their lowest closing levels since March 16.

International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 millionbarrel release announced by the United States last week to help drive down prices in a tight market following Russia39;s invasion of Ukraine. 

But analysts and traders said even with the emergency oil stocks release, supply remained tight.

The oil release from the IEA members reflects strong political determination against Russia oil over its invasion of Ukraine, but it39;s not enough to fill the actual supply shortage, a Shanghaibased oil trader said.

State refiners in China, the world39;s top oil importer, are honouring existing Russian oil contracts but avoiding new ones despite steep discounts, heeding a call for caution by Beijing. 

In addition to the enormous global reserves release, demand destruction and recession are currently the only pricelowering mechanism in a world devoid of inventory buffers, said Stephen…