Brent crude Oil :Seadied near $100 per barrel on Wednesday after a two-day selloff that saw the international benchmark dip below $100 for the first time since early March.
As diplomatic efforts between Russia and Ukraine showed every intention of continuing. Ukrainian President Volodymyr Zelensky said in a video address on Wednesday that the positions of both sides at the peace talks were sounding more realistic but more time was needed. Oil prices were also pressured recently by concerns of a slowing China demand.
After a new wave of Covid infections triggered fresh lockdowns in the world’s second-largest oil consumer. Meanwhile, preliminary data from API showed US crude inventories rose by 3.8 million barrels last week.
While gasoline stocks fell by the same margin ahead of official government data. Brent futures now trade about 27% below a recent 14-year high of $139.13 reached last week.