Oil resumes rally as Russia-Ukraine tensions stay high | Reuters
"The market has been reflective of what the situation has been and what it could be, which is ambiguity from one day to the next," said Edward Morse, global head of commodities research at Citi.
Oil was supported by weekly data that 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 settled up $1.52, or 1.6%, to $94.81 a barrel. U.S. West Texas Intermediate (WTI) crude ended up $1.59, or 1.7%, to $93.66, pulling back from the day's high of $95.01 a barrel.
On Monday, both benchmarks hit their highest since September 2014, with Brent touching $96.78 and WTI reaching $95.82.
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