Oil recouped losses as Russia – Ukraine tension remains high

International benchmark for crude oil settled at more than 1% higher on Wednesday, 16 February 2022 following conflict reports on the possible withdrawal of Russian troops from near Ukraine. The increases, however, were limited by news that the US and Iran are closer to an agreement to revive the nuclear accord. 

Brent gained $1.52 to 1.6% to close at $94.81/barrel. 

WTI jumped $1.59 or 1.7% to close at $93.66/barrel.