Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.
Brent crude was up $1.69, or 1.8%, at $94.97 U.S. per barrel, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude advanced $1.48, or 1.6%, to $93.55 per barrel, after the contract ended Tuesday’s session with a 3.6% decline.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 U.S. and WTI reaching $95.82 U.S.
Moscow announced a partial pullback of troops from Ukraine’s borders, but NATO Secretary-General Jens Stoltenberg said on Wednesday that the alliance had not seen any de-escalation and that Russia was continuing its military buildup.
Investors were awaiting weekly U.S. oil inventory data from the Energy Information Administration later Wednesday.
Analysts answering a survey said U.S. crude and distillates inventories could have fallen by 1.5 million to 1.6 million barrels last week.
Data from the American Petroleum Institute showed a drop in crude, gasoline and distillate stocks last week, according to market sources on Tuesday.