Oil resumes rally as Russia-Ukraine tensions stay high | Reuters
"The market remains extremely tight and prices had been on an upward trajectory prior to the escalation. The softening of tensions may have only delayed the march to $100," said Craig Erlam, senior market analyst at OANDA.
The market was also supported by weekly data showed U.S. fuel demand holding at record highs, while crude inventories at the Cushing, Oklahoma, storage hub and delivery point for U.S. futures dropped to their lowest since September 2018.
Brent crude was up $2.71, or 2.9%, at $95.98 a barrel at 11:02 a.m. EST (1602 GMT), paring most of Tuesday's 3.3% drop after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was up $2.83, or 3.1%, at $94.90 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.
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