“These losses could deepen should bans or public censure accelerate,” the Paris-based IEA said in its report, which also cut its oil demand forecast for 2022.
Brent crude rose $1.47 or 1.5% to $101.38 a barrel by 1321 GMT, having traded as high as $103.70 earlier. U.S. West Texas Intermediate (WTI) crude added $2.50 or 2.6% to $98.94.
Crude settled below $100 on Tuesday, the first time since late February. Trading has been volatile since Russia’s invasion of Ukraine on Feb. 24, with prices hitting a 14-year high on March 7 on supply fears.