Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters

Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters

Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.

Brent traded at $93.86 a barrel around 1000 GMT, up 62 cents, or 0.6%, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.

U.S. West Texas Intermediate (WTI) crude was at $92.64 a barrel, up 62 cents, or 0.6%, after the contract ended Tuesday's session down 3.6%.

Both benchmarks 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.