International oil prices rebounded during trading on Wednesday, after recording the largest daily losses this year during yesterday's session.
The rise in oil today came as investors followed the latest developments in the Ukraine crisis, after Russia announced the withdrawal of some of its military forces to its bases.
The US President, Joe Biden, had warned, after the Russian announcement, because of the forces, that the possibilities of a military attack against Ukraine were still high, stressing that he would impose economic sanctions against Moscow in case this happens.
Despite the volatility in the global oil market, crude is still trading near its highest level since 2014, with investors speculating that demand levels are exceeding supply and depleting stocks.
In terms of today's trading, Brent crude futures for April delivery rose by 0.16% to reach $93.43 a barrel, and the US NYMEX crude contracts for March delivery rose 0.22 % at $92.27 a barrel.
The data of the American Petroleum Institute revealed a decline in oil stocks in the United States of America by 1.1 million barrels per day for the week ending on February 11, while the Energy Information Administration reveals data on American stocks. Official later today.
