Oil price resumes rally as Russia-Ukraine tensions stay high

Brent crude settled up US$1.52, or 1.6%, to $94.81 a barrel. U.S. West Texas Intermediate (WTI) crude ended up $1.59, or 1.7%, to $93.66, pulling back from the day's high of $95.01 a barrel. On Monday, both benchmarks hit their highest since September 2014, with Brent touching $96.78 and WTI reaching $95.82.

NEW YORK: Oil prices rose more than 1% on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine.

Futures fell after the settlement, however, after U.S. and Iranian officials said they were much closer to an agreement on the latter's nuclear weapons development that would allow it to ramp up global oil sales.