Oil prices rose slightly on Wednesday after falling to one-month lows in the previous session, as traders assessed signs that Ukraine is moving closer to a U.S.-backed peace deal with Russia that could pave the way for lifting Western sanctions on Russian crude.
Brent crude futures gained 19 cents, or 0.3%, to $62.67 a barrel as of report time. U.S. West Texas Intermediate (WTI) rose 14 cents, or 0.24%, to $58.09. Both benchmarks had dropped 89 cents on Tuesday after Ukrainian President Volodymyr Zelenskiy told European leaders he was prepared to advance the framework and that only a handful of issues remained unresolved.
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Sentiments remain fragile, with traders awaiting clearer signals from the diplomatic track. U.S. President Donald Trump said he has directed his representatives to hold separate meetings with Russian President Vladimir Putin and Ukrainian officials, while a Ukrainian official said Zelenskiy may travel to the U.S. in the coming days to wrap up the agreement.
The U.S., Britain and European Union have tightened sanctions on Moscow in recent weeks, even as Russian oil imports by India — one of Russia’s key buyers — are set to fall to a three-year low in December.
