Oil prices rise moderately after the previous day’s fall

Oil prices are moderately growing during the trading session on Wednesday after a sharp drop in the previous trading results.

The conflict between Russia and the West over Ukraine remains in the center of attention of traders. Traders still see serious risks for the market in case of escalation of the conflict around Ukraine.

The Russian Defense Ministry said Tuesday that units of the Western and Southern military districts are beginning to return from exercises to their home stations. Earlier, the U.S., other NATO countries and Ukraine claimed that Russian troops were concentrated near the Ukrainian border and claimed that Russia was preparing an invasion.

Meanwhile, a report by the American Petroleum Institute (API) showed a decline in US fuel reserves. Oil reserves in the country fell by 1.1 million barrels last week, the report said.

The U.S. Department of Energy will publish a weekly report on commercial stocks of oil, gasoline and distillates in the country at 18:30 Moscow time.

The cost of April Brent crude futures on the London-based ICE Futures exchange by 8:43 Moscow time on Wednesday is $93.48 per barrel, down $0.20 (0.21%) from the previous session’s closing price. At the end of trading on Tuesday, these contracts fell by $3.2 (3.32%) to $93.28 per barrel, showing the most significant one-day decline since late November.

The price of WTI crude oil futures for March at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time increased by $0.23 (0.25%) – to $92.30 per barrel. On Tuesday, the value of these contracts fell by $3.39 (3.6%), to $92.07 per barrel, the maximum since the beginning of the year.


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