Brent rises 2.2% after reversing Russia-Ukraine conflict gains

Oil drilling rigs

Oil prices rose on Wednesday, after giving up most of the gains logged due supply concerns following Russia-Ukraine conflict. Investors refocussed attention on the prospects of a decline in demand for crude as coronavirus cases continue to rise in China.

The international benchmark Brent crude was trading up 2.16% at $102.07 per barrel, at 9.05 am Makkah time.

West Texas Intermediate (WTI) crude rose 1.77% to $98.20 a barrel.

China imposed lockdown measures across several parts of the country in order to contain the spread of coronavirus.

Meanwhile, Russian President Vladimir Putin, on March 15, told European Council President Charles Michel that Ukraine was not “serious” about finding a peaceful resolution to the ongoing conflict.

Separately, the American Petroleum Institute data showed that crude oil inventories in the United States increased by 3.75 million barrels in the week ended March 11.

The US Energy Information Administration will release official inventory data later today.