By Gina Lee

Investing.com – Oil was up on Wednesday morning in Asia, clawing back some earlier losses after falling more than $1 a barrel. With ceasefire talks being held between Russia, Ukraine and the conflict in Ukraine continuing to add to volatility

The price of Brent futures rose by 0.62%, to $97.04 after a jump of 1% to $100.91 at 12:27 ET (4:27 AM GMT). Brent and WTI futures both fell more than $1 earlier during the session. Brent futures dropped to $98.86 per barrel while WTI fell to $94.90 per barrel.

The Ukrainian President Volodymyr Zeleskiy stated earlier that Russia and Ukraine were more realistic positions at the peace negotiations, however more time was required.

Tina Teng, a CMC Markets analyst told Reuters that traders are still waiting for more information from the ceasefire negotiations after a selloff on the oil markets over the past two days. However, crude prices could continue to be under pressure because high inflation will ultimately drag down economic growth and weaken demand.

On Tuesday, oil closed below $100 for the first-time since February 20, 2022. Market volatility has continued since February 24th, when Russia invaded Ukraine. Black liquid reached 14-year highs in March. 7. Brent futures are down almost $40 per barrel and WTI futures around $34.

Concerns about a slowing fuel demand are also being raised by the latest COVID-19 epidemic in China. In an effort to stop spread of the virus, China’s second-largest oil consumer instituted lockdowns in Shenzhen Province and Jilin Province.

Tuesday’s showed a build of 3.754 million barrels for the week ended Mar. 11. Investing.com had prepared forecasts for a 1.867-million barrel draw and a 2.811 million-barrel increase during the past week.

Investors await the announcement, expected later today.