Oil holds near $100 as Ukraine talks, demand concerns limit gains | Reuters

Oil holds near $100 as Ukraine talks, demand concerns limit gains | Reuters

Oil steadied above $100 a barrel in a volatile session on Wednesday, as it came under pressure from signs of progress in Russia-Ukraine peace talks and a closely-watched report that cut its forecast of world demand.

Ukraine's president said the positions of Ukraine and Russia were sounding more realistic, but time was needed. read more Russia's foreign minister said some deals with Ukraine were close to being agreed. read more

"Fears of a supply disruption have been tempered by tentative signs of progress in ceasefire talks between Russia and Ukraine," said Stephen Brennock of oil broker PVM.

"That said, an end to hostilities still seems like a long way off."

Brent crude rose 46 cents or 0.5% to $100.37 a barrel by 1225 GMT, having traded as high as $103.70 earlier. U.S. West Texas Intermediate (WTI) crude added 59 cents or 0.6% to $97.03.