A senior US State Department official said early Wednesday, actions taken by the Biden administration to punish Russia's economy over its aggression in the Ukraine crisis are not intended to hit global energy markets, per Reuters.

Additional comments

“Officials did not discuss increasing oil production during US trip to Saudi Arabia last week.”

“OPEC countries understand our concerns about the importance of the stability of global oil markets.”

Market reaction

At the time of writing, WTI is on a steady recovery mode above $91.50, adding 0.45% on the day.