Oil prices displayed their first rise after experiencing a two-day slump that saw US WTI trading fall below the $ 100 a barrel price level on Tuesday.
In the European session, Brent crude futures traded steady at around $ 103 a barrel after rising 4.5% in today's trading session. Meanwhile, US WTI added 3.9% to around $ 98.90 a barrel.
The two benchmarks had previously slipped sharply to nearly 30% from the highest they reached last week, where Brent touched the $ 139 a barrel price level.
Still, due to the growing hopes for Russia and Ukraine to reach a diplomatic solution from their peace talks they are optimistic even though Moscow is still continuing its attacks on Kiev.
In addition, prices were also weighed down by concerns about slowing demand from China as the new wave of Covid-19 has triggered closure measures in several major cities.
However, oil trading rebounded slightly on Wednesday as investors increased demand for riskier assets and the USD depreciated ahead of the FOMC policy meeting.
