Oil prices climb as Russia-Ukraine ceasefire talks stoke volatility | Reuters

Oil prices climb as Russia-Ukraine ceasefire talks stoke volatility | Reuters

Oil prices rose as much as $3 on Wednesday, bouncing back after earlier declines, as Russia's invasion of Ukraine continues to stoke volatile trading with ceasefire talks the latest market trigger.

Brent futures were last up $2.64, or 2.6%, at $102.55 a barrel by 0730 GMT.

U.S. West Texas Intermediate (WTI) crude rose $1.91, or 2%, to stand at $98.35 a barrel. Both contracts earlier declined more than $1 a barrel, with Brent falling to $98.86 a barrel and WTI easing to $94.90 a barrel earlier in the session.

Ukrainian President Volodymyr Zelenskiy said in a video address released early on Wednesday that the positions of Ukraine and Russia at peace talks were sounding more realistic, but more time was needed. read more