LONDON (Archyde.com) – Oil prices reversed losses on Wednesday, as investors evaluated conflicting statements regarding a possible withdrawal of some Russian troops from Ukraine’s borders amid global supply shortages and rebounding fuel demand.
Brent crude was trading at $93.86 a barrel at 10.00 GMT, up 62 cents, or 0.6 percent, following falling 3.3 percent last night, following Russia announced a partial withdrawal of its forces from near Ukraine.
US West Texas Intermediate crude recorded $92.64 a barrel, up 62 cents, or 0.6 percent, following closing on Tuesday, down 3.6 percent.
The two crudes reached their highest levels since September 2014 on Monday, with Brent touching $96.78 a barrel and WTI $95.82 a barrel.
The price of Brent crude jumped 50 percent and US crude 60 percent in 2021, as the recovery of global demand from the repercussions of the Covid-19 pandemic pressured supply.
