Crude oil trading rose again after the announcement of Russian President Vladimir Putin who has declared the deployment of his military.
After the announcement, US Brent and WTI oil futures jumped around 2.8% to trade higher at $93 a barrel and $86 a barrel, respectively.
In a televised speech on Wednesday morning Russian time, Putin said the deployment of some of his reserve forces was aimed at defending Russia and its territories.
This is a sign that the war in Ukraine will continue and increase with the addition of troops from Russia.
This pushed crude oil back to support due to concerns about the lack of oil supply due to the sanctions imposed on Russia.
The black commodity earlier traded gloomy after the latest data from the American Petroleum Institute (API) showed weakness in oil demand from US consumers.
According to data released on Tuesday, US crude oil supplies rose by about 1 million barrels last week, while gasoline and distillate stockpiles rose by about 3.2 million barrels and 1.5 million barrels, respectively.
