Oil Updates — crude edges up while investors await next steps in Ukraine peace talks
LONDON: Oil rose on Wednesday as the American Petroleum Institute reported a drop in US crude inventories and investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now.
Crude fell more than 1 percent on Tuesday on optimism that an agreement to end the war seemed closer. However, US President Donald Trump conceded that Russian President Vladimir Putin might not want to make a deal.
Brent crude futures rose 55 cents, or 0.8 percent, to $66.34 a barrel by 11:12 a.m. Saudi time. US West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, gained 65 cents, or 1 percent, to $63.
“(It) seems oil prices are thrown down one day, followed by a rebound the next day. The API report was on the positive side, so I assume some price support is coming from that,” said Giovanni Staunovo, an analyst at UBS.
