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 crude was up $1.37, or 1.5%, at $94.65 a barrel around 1200 GMT, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.

U.S. West Texas Intermediate (WTI) crude was up $1.27, or 1.4%, at $93.34 after the contract ended Tuesday's session with a 3.6% decline.

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 by about 60% as a global recovery in demand from the COVID-19 pandemic strained supplies.