Oil prices climbed on Wednesday, erasing losses from the previous session, on hopes of progress in peace talks between Russia and Ukraine and providing a fresh reminder supply remains tight as data showed U.S. crude stocks fell sharply last week, APA reports quoting Reuters.
Brent crude futures touched a high of $112.78 shortly after opening and were up $1.35, or 1.2%, at $111.58 at 0005 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures jumped $1.29, or 1.2%, to $105.53 a barre, erasing a 1.6% drop on Tuesday.
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