Oil prices were pretty much unchanged on Wednesday after sliding to a one-month low in the previous session as investors assessed prospects of oversupply and talks over a Russia-Ukraine peace deal.
Brent crude futures lost five cents to $62.43 U.S. a barrel. U.S. West Texas Intermediate crude futures were up one cent at $57.96.
Both Brent crude and WTI settled 89 cents down on Tuesday after Ukrainian President Volodymyr Zelenskiy told European leaders that he was ready to advance a U.S.-backed framework for ending the war with Russia, with only a few points of disagreement remaining.
U.S. President Donald Trump said he directed his representatives to meet separately with Russian President Vladimir Putin and Ukrainian officials. A Ukrainian official said Zelenskiy could visit the U.S. in the next few days to finalize a deal. Britain, Europe and the U.S. have tightened sanctions on Russia recently and Indian purchases of Russian oil are set to hit their lowest for three years in December.
U.S. crude stocks fell last week while fuel inventories rose. U.S. crude stocks had been expected to rise by 1.86 million barrels in the week ending November 21, a Reuters poll showed.
Official stockpile data from the Energy Information Administration was due on Wednesday at 10:30 a.m. ET.
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