Oil prices inched higher on Wednesday as uncertainty remained over the Ukraine crisis.
For April delivery, the West Texas Intermediate added 19 cents to settle at 92.10 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery closed flat at 96.84 dollars a barrel on the London ICE Futures Exchange.
"Most of the panic about the further escalation of the Russia-Ukraine conflict appears to have passed (for the time being)," Carsten Fritsch, energy analyst at Commerzbank Research, said Wednesday in a note.
"The calmer mood on the market is likely to be due to a large extent to the fact that the sanctions on Russia agreed by the West so far are unlikely to hamper energy supplies," he said.
Yet, analysts warned that the calmness on the market may be temporary as uncertainty remains high.
"In our opinion, there is a risk that Russia will retaliate to the sanctions by reducing deliveries of its own accord," said Fritsch.
Traders are also awaiting U.S. fuel inventory data as the Energy Information Administration is set to release its weekly petroleum status report on Thursday, one day later than usual due to Monday's Presidents Day holiday.
Analysts surveyed by S&P Global Platts forecast the U.S. crude inventories to show a fall of 300,000 barrels for the week ending Feb. 18.