Oil prices recoup losses as Russia-Ukraine tensions ease | Reuters

Oil prices recoup losses as Russia-Ukraine tensions ease | Reuters

Oil prices recouped losses on Wednesday after slipping more than 3% in the previous session, as investors gauged the impact of easing Russia-Ukraine tension against a taut balance of tight global supplies and recovering fuel demand.

Brent traded at $93.90 a barrel by 0722 GMT, up 62 cents, or 0.7%, 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 was at $92.71 a barrel, up 64 cents, or 0.7%, 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.