Oil prices were bouncing back Wednesday morning, after earlier falling more than $1 a barrel, amid Russia's invasion of Ukraine and ceasefire talks.
A barrel of U.S. crude dropped 6.4% to settle at $96.44 on Tuesday. It had briefly topped $130 last week when worries about disruptions to supplies because of the war in Ukraine were at their height.Brent, the international pricing standard, added $2.67 to reach $102.68 per barrel.
Prices have been pressured by concerns of slowing China demand, as the second-largest oil consumer imposes stringent measures to contain thePreliminary data from the American Petroleum Institute showed that U.S. crude inventories rose by 3.8 million barrels for the prior week.The Associated Press contributed to this report.
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