Around 11:30 a.m., Brent took 1.90% to 112.32 dollars. The WTI gained 2.15% to 106.48 dollars.
Oil prices rose once more on Wednesday, the market remaining skeptical regarding Moscow’s promises to drastically reduce its military operations in kyiv and Cherniguiv in Ukraine.
Around 09:30 GMT (11:30 CET), a barrel of Brent from the North Sea, the European benchmark, for delivery in May, took 1.90% to 112.32 dollars.
The barrel of American West Texas Intermediate (WTI) for delivery the same month gained 2.15% to 106.48 dollars.
“The market is trying to gauge the seriousness of the peace talks between Russia and Ukraine,” said Victoria Scholar, analyst at Interactive Investor.
Russia had promised on Tuesday to “radically” reduce its military operations in the direction of kyiv and Cherniguiv, following “substantial” Russian-Ukrainian talks in Istanbul.
But Cherniguiv was bombed “all night long”, the regional governor announced on Wednesday, adding that civilian infrastructure had been destroyed and that the city was still without water or electricity.
“Russia’s declared intention to reduce its military operations in Ukraine and focus on controlling breakaway regions in the east of the country has not yet translated into large-scale troop movements,” comments Stephen. Innes, analyst at SPI Asset Management.
“The fact that oil (Brent) remains above $110 a barrel shows market skepticism. Western leaders have also expressed it,” he continues.
US President Joe Biden said on Tuesday that Westerners are waiting to see if Russia “keeps its word”.
London will judge “Putin and his regime by his deeds, not his words,” a spokesman for Prime Minister Boris Johnson also said.
Joe Biden and several European leaders agreed in a phone call on Tuesday to continue to sanction Moscow, warning once morest any “loosening of Western resolve”.
The market will also have its eyes on the meeting of oil-exporting countries (OPEC) and its allies (OPEC+) on Thursday in Vienna, even if analysts agree that the alliance should continue its strategy of marginal opening. of its oil valves.
