WASHINGTON (dpa-AFX) - Oil prices rose over 1 percent on Wednesday after falling in the previous session amid signs of progress in talks to end Russia's war in Ukraine.
Benchmark Brent crude futures were up 1.20 percent at $66.58 a barrel in European trade while WTI crude futures jumped 1.3 percent to $62.59.
The uptick in oil price comes after industry data showed a decline in U.S. inventories for the week ending August 15.
According to the American Petroleum Institute (API), U.S. crude oil inventories declined by 2.4 million barrels for the week while analysts had expected it to decline by 1.2 million barrels.
Official data from the U.S Energy Information Administration (EIA) due later in the day may shed further light on crude oil inventory levels in the United States.
Traders were also reacting to reports that Indian state-run refiners have resumed purchases of Russian oil for September and October delivery after discounts widened.
India is welcome to export its products to Russia if it is facing trouble entering the U.S. market, a senior Russian diplomat said.
Addressing a press conference in the national capital, Russian Deputy Chief of Mission Roman Babushkin said the pressure on India over the latter's procurement of Russian crude oil was 'unjustified' and 'unilateral'.
'The sanctions are hitting those who are imposing them. It is a challenging situation for India, but we have trust in our ties. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure,' he said.
Meanwhile, U.S. President Donald Trump warned that Russia's Vladimir Putin could face a 'rough situation' if he does not show a willingness to work toward a peace settlement with Kyiv.
He also urged Ukrainian leader Volodymyr Zelensky to be ready to 'show some flexibility' in negotiations.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
