U.S. West Texas Intermediate (WTI) crude CLc1 rose 44 cents at 0017GMT at $92.51 a barrel, after the contract ended Tuesday's trading down 3.6%.
"Talks between German Chancellor Scholz and President Putin supported market expectations that an imminent Russian invasion seems less likely," said Edward Moya, senior Market Analyst with brokerage OANDA.
The oil market, however, remains tight and prices are still on course for a move towards $100 a barrel regardless of the Ukraine tension, said Moya.
German Chancellor Olaf Scholz said on Tuesday he saw scope for more diplomacy to avert a war between Russia and Ukraine after four hours of talks with President Vladimir Putin.
