Oil & Gas

16 Feb 2022

Oil Steadies as Russia-Ukraine Tensions Cool

16 Feb 2022  by   
Oil pared some losses in early Asian trading on Wednesday after an over 3% fall the previous day, as investors weighed an easing Russia-Ukraine tension against overall tight global supplies.

U.S. West Texas Intermediate (WTI) crude CLc1 rose 44 cents at 0017GMT at $92.51 a barrel, after the contract ended Tuesday's trading down 3.6%.

"Talks between German Chancellor Scholz and President Putin supported market expectations that an imminent Russian invasion seems less likely," said Edward Moya, senior Market Analyst with brokerage OANDA.

The oil market, however, remains tight and prices are still on course for a move towards $100 a barrel regardless of the Ukraine tension, said Moya.

German Chancellor Olaf Scholz said on Tuesday he saw scope for more diplomacy to avert a war between Russia and Ukraine after four hours of talks with President Vladimir Putin.


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