Oil prices recover amid ongoing Russia-Ukraine tension

• Brent crude rise $1.37 to $94.54 a barrel

• WTI crude increase $1.14 to $93.25 a barrel

Oil prices recovered on Wednesday as investors kept a close eye on tensions between Russia and Ukraine. 

International benchmark Brent crude rose $1.37 or 1,36% to $94.54 a barrel by 7:46 AM ET. 

The U.S. benchmark, West Texas Intermediate (WTI) crude, rose $1.14, or 1.27%, at $93.25 a barrel, following a 3.6 % drop in the closing price on Tuesday.

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On Monday, both benchmarks reached their highest levels since September 2014, with Brent reaching $96.78 and WTI reaching $95.82.

NATO accused Russia on Wednesday of growing the number of troops stationed near the Ukrainian border, only a day after Moscow claimed to have begun removing some of its military forces.

The US declared on Sunday that Russia may invade Ukraine at any time and could construct a surprise justification for an assault. Russia has amassed thousands of troops on Ukraine's borders, but it rejects any intention of invading and accuses the West of panic.

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A Russian invasion of Ukraine might momentarily send oil prices beyond $100 per barrel. Europe would face a severe energy shock since Russia is an important provider of energy to Europe.

Meanwhile, at 10:30 AM ET, investors were expecting weekly U.S. oil inventory data from the Energy Information Administration.

Picture Credits: FT