Oil prices were steady on Wednesday after dropping about 1% in the previous session. Concerns that global supply may soon exceed demand kept gains limited, while investors focused on potential updates from Russia-Ukraine peace talks.
Brent crude futures rose 11 cents, or 0.2%, to $62.05 a barrel at 0241 GMT.
U.S. West Texas Intermediate (WTI) increased 13 cents, also 0.2%, to $58.38 a barrel.
Analysts at ING warned that the oil market is heading toward a deeper surplus. They noted that Russian supply remains a key uncertainty. Although Russia’s seaborne exports are still moving, those shipments are finding fewer buyers. ING added that Russian oil production may decline if this trend continues.
Ukrainian President Volodymyr Zelenskiy said Ukraine and its European partners will soon present the United States with updated documents outlining a peace proposal to end the war with Russia. The announcement followed several days of intense diplomatic meetings.
A potential peace agreement between the two countries could lead to the lifting of international sanctions on Russian companies. This would likely release restricted volumes of Russian oil back into the market.
In the U.S., the Energy Information Administration (EIA) raised its outlook for domestic oil production. It now expects output in 2025 to average 13.61 million barrels per day, a higher record than previously forecast. However, the agency slightly reduced its 2026 estimate to 13.53 million barrels per day.
