Oil Recovers Losses as Tensions Over Ukraine Persist

Oil prices recouped some of their losses Wednesday, February 16, as investors evaluated conflicting statements about a possible withdrawal of some Russian troops from Ukraine’s borders, amid global supply shortfalls and rebounding fuel demand.

Brent crude was traded at $93.86 a barrel at 10:00 GMT, up 62 cents, or 0.6%, after falling 3.3% last night, after Russia announced a partial withdrawal of its forces from near Ukraine.

US West Texas crude scored $92.64 a barrel, up 62 cents, or 0.6%, after closing on Tuesday, down 3.6%.

The two crudes reached their highest levels since September 2014 on Monday, with Brent touching $96.78 a barrel and Texas Intermediate crude reaching $95.82 a barrel.

The price of Brent crude jumped 50% and US crude 60% in 2021, as the recovery of global demand from the repercussions of the Covid-19 pandemic pressured supply.