Oil steadied after a report signaled a decline in US stockpiles, while investors weighed the outlook for Ukraine-Russia truce talks.West Texas Intermediate was near $63 a barrel after dropping 1.7% on Tuesday. Brent closed below $66. The industry-funded American Petroleum Institute reported crude inventories fell by 2.4 million barrels last week, according to people familiar with the figures. Official data is due later Wednesday.
The market is keeping close tabs on progress toward a ceasefire to the war in Ukraine following a series of high-levels talks brokered by President Donald Trump. Any eventual peace deal could lead to fewer restrictions on Russia’s crude exports, although Moscow has largely kept its oil flowing.
Still, the longer-term outlook for the market looks bearish, with expectations for a glut later in 2025 as OPEC+ returns barrels and as Trump’s trade policies spark concerns about demand. Oil is down more than 10% this year.
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