Oil prices climb as Russia-Ukraine ceasefire talks stoke volatility

BEIJING: Oil prices rose over $1 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 up 97 cents, or 1%, at $100.88 a barrel at 0503 GMT.
US West Texas Intermediate (WTI) crude rose 45 cents, or 0.5%, at $96.89 a barrel. Both contracts had 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.
“Traders are awaiting more clues from ceasefire talks after a two-day selloff in the oil markets, but the crude prices may continue being under pressure as high inflation will eventually drag on economic growth and weakens demands,” said Tina Teng, an analyst at CMC Markets.