Crude oil trading also took a break from continuing gains as investors continued to await developments on the Russia-Ukraine issue and signs of progress in Iran’s nuclear talks.
Oil prices soared higher on Tuesday following concerns that sanctions imposed by Western countries would impact supplies, but the United States clarified that it did not affect energy exports.
In response to Russia’s actions, US President Joe Biden announced sanctions on Tuesday by only targeting government debt, financial institutions and the country’s elite.
Deputy national security adviser Daleep Singh said the US was in talks with oil exporters and importers to try to mitigate the effects of the conflict and subsequent sanctions, including continuing to leverage strategic oil reserves.
This brings satisfaction to the crude oil trade, which is also paying attention to Iran's nuclear deal negotiations.
Even so, crude oil remained traded higher by being not far from its latest seven -year high it reached on Tuesday.
Brent oil futures are strong at $ 97 a barrel, after touching the $ 99 a barrel price previously. US WTI trading strengthened at $ 92 a barrel, down slightly from $ 95 a barrel previously recorded.
