Oil prices ticked up in early Asian trading on Thursday, steadying from a sell-off the previous day after Saudi Arabia's state oil company sharply raised March oil prices.

Oil prices edged up on Thursday after Saudi Arabia raised prices for March. However, the previous day’s decline in benchmark Brent prices was the largest in almost three months, and the increase was insignificant in comparison.

Top oil exporter Saudi Arabia may raise crude prices for Asian buyers in March to their highest in more than a year after benchmark prices spiked on higher demand from China and India as U.S. sanctions disrupted Russian supply,