Oil prices are moving in a positive direction on Wednesday after the heavy losses they experienced yesterday, with the attention remaining on the developments in the Ukrainian crisis for signs of normalization of the tension that led to a rally in prices in the previous days.
Brent gained 62 cents, or 0.7%, to $ 93.90 a barrel after Tuesday’s 3.3% drop in Moscow’s announcement that it was withdrawing some of its units from the Ukrainian border.
US WTI rose 64 cents, or 0.7%, to $ 92.71 a barrel. The contract lost 3.6% yesterday.
Both contracts climbed to the highest level since September 2014 on Monday as the Ukrainian crisis fuels concerns about the security of the global supply.
Western powers, however, have been skeptical of Russia’s announcement that it is withdrawing its troops, with US President Joe Biden warning in a White House statement that a Russian invasion of Ukraine remains possible.
At a three-month low gas
European gas is falling to a three-month low amid a cautious optimism that has emerged following Moscow’s announcement of the withdrawal of military units from their positions near the border with Ukraine.
The March contract is losing more than 3% today, while earlier it fell to 9.1% at the lowest level since November 10. The corresponding British contract falls 4.7%.
Source: Capital
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