Oil rose nearly 3% on Wednesday morning, breaking through the $100 per barrel barrier again, recovering from Tuesday's declines.

"Fears of a supply disruption have been tempered by signs of progress in ceasefire negotiations between Russia and Ukraine," Stephen Brennock of brokerage PVM told the news agency.

Brent oil rose $2.55, or 2.6%, to $102.46 per barrel. U.S. West Texas Intermediate (WTI) oil rose $1.34, or 1.4%, to $97.78 per barrel.

The oil price hike eased after the International Energy Agency, in a monthly report, predicted that oil demand would fall by 2022.

Furthermore, the new feedlots in China have created pressure on oil, as there is bound to be a slowdown in demand - as there has been in previous feedlots.

On Tuesday, Brent crude even dropped below $100, after prices hit 14-year highs on March 7, almost touching $140 a barrel.