WASHINGTON (dpa-AFX) - Oil prices were little changed on Wednesday after declining nearly 3 percent in the last two sessions on concerns about global oversupply.
Industry data showing a sharp drop in U.S. crude stocks helped limit losses, if any. Benchmark Brent crude futures slipped 0.1 percent to $61.86 a barrel while WTI crude futures were little changed at $58.25.
The focus was on ongoing Ukraine peace talks and a potential rate cut by the Federal Reserve later in the day.
The Trump administration has denied pressuring Kyiv into agreeing a rapid peace deal with Russia and said that the goal is an agreement which ensures Ukraine's sovereignty and defends it for the long term, according to the Wall Street Journal.
Ukrainian President Volodymyr Zelenskiy said his country and its European partners will soon present the U.S. with 'refined documents' outlining a peace plan.
A peace deal between Ukraine and Russia could bring about the removal of international sanctions and allow Russia to export more fuel to the global market.
Investors also await the Fed's interest rate decision later in the day, with investors overwhelmingly betting on another interest rate cut and seeking guidance for 2026.
Meanwhile, data from the American Petroleum Institute showed U.S. commercial crude stocks fell by 4.78 million barrels in the week to Dec. 5, while analysts had expected a 1.7-million-barrel draw.
Gasoline stocks climbed by 7 million barrels and distillate inventories, including diesel and heating oil, increased by 1.03 million barrels, the report showed.
Official data from the U.S. Energy Information Administration is due later in the day.
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