SULAIMANI (ESTA) — Oil prices rose over $1 on Wednesday as Russia’s invasion of Ukraine continues to stoke volatile trading with ceasefire talks the latest market trigger.
Brent futures were up $2.38 at $102.3 a barrel at 0737 GMT.
U.S. West Texas Intermediate (WTI) crude rose $1.64 at $98.08 a barrel. Both contracts had earlier declined more than $1 a barrel, with Brent falling to $98.86 a barrel and WTI easing to $94.90 a barrel earlier in the session.
Ukrainian President Volodymyr Zelenskiy said in a video address released early on Wednesday that the positions of Ukraine and Russia at peace talks were sounding more realistic, but more time was needed.
“Traders are awaiting more clues from ceasefire talks after a two-day selloff in the oil markets, but the crude prices may continue being under pressure as high inflation will eventually drag on economic growth and weakens demands,” Reuters quoted Tina Teng, an analyst at CMC Markets, as saying.
Oil had settled below $100 on Tuesday, the first time since late February. Trading sessions have been volatile since Russia’s invasion of Ukraine on Feb. 24, with prices hitting 14-year highs on March 7, but since then Brent has fallen nearly $40 a barrel and WTI about $34, according to Reuters.
