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Oil Rebounds After Two-day Decline

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Oil prices rebounded on Wednesday after suffering losses in the previous two sessions amid signs of progress in Russia-Ukraine talks and concerns over new lockdowns in Shanghai.

Benchmark Brent crude futures jumped 1.7 percent to $109.53 per barrel, while U.S. crude futures were up nearly 2 percent at $106.28.

Ukrainian authorities said that attacks continued overnight around Chernihiv and Kyiv, despite Russia’s pledge to scale back some military operations.

U.S President Joe Biden asked whether the Russian announcement was a sign of progress in the talks or an attempt by Moscow to buy time to continue its assault.

Poland, which has already largely reduced its dependence on Russian oil, is now calling on other European Union countries to cut dependence on fuel imports from Russia.

Traders were also reacting to industry data showing that U.S. crude stockpiles dropped more than expected last week.

The American Petroleum Institute report showed U.S. crude inventories fell by 3 million barrels in the week ended March 25, compared with expectations for decline of about 1.6 million barrels. The industry body reported a draw of 4.3 million barrels in the previous week.

Official data from the Energy Information Administration is due later in the session.

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