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Oil prices hold steady as Russia-Ukraine tensions cool

Oil prices hold steady as Russia-Ukraine tensions cool
# 16 February 2022 08:08 (UTC +04:00)

Oil prices steadied on Wednesday after retreating more than 3% in the previous session as investors gauged the impact of easing Russia-Ukraine tension against a taut balance between tight global supplies and recovering fuel demand, APA reports quoting Reuters.

Brent traded at $93.19 a barrel at 0253 GMT, down 10 cents, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, yet to be verified by the United States.

U.S. West Texas Intermediate (WTI) crude also held steady and last traded at $92.13 at 0247GMT, after the contract ended Tuesday's session down 3.6%.

Both benchmarks had hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82. The price of Brent jumped 50% in 2021, while WTI soared about 60%, as a global recovery in demand from the COVID-19 pandemic strained supply.

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