Oil prices were largely unchanged on Wednesday as traders awaited fresh U.S. crude inventory data and looked ahead to a high-profile meeting between U.S. President Donald Trump and Russian President Vladimir Putin.
At 07:11 GMT, Brent crude futures slipped 3 cents, or 0.05%, to $66.09 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.13%, to $63.09. Both benchmarks closed lower in the previous session.
Trump and Putin are scheduled to meet in Alaska on Friday to discuss a possible end to Russia’s war in Ukraine — a conflict that has disrupted global oil markets since February 2022. Analysts at ING said oil traders are in “wait-and-see mode” ahead of the talks, noting the outcome could reduce sanction-related risks that have supported prices.
Meanwhile, attention turned to U.S. supply levels after industry data from the American Petroleum Institute (API) showed crude inventories rose by 1.52 million barrels last week. Gasoline stockpiles fell, while distillate inventories inched higher. If official U.S. Energy Information Administration (EIA) data later on Wednesday shows a similar trend, it could indicate that summer driving season demand has peaked, with refiners reducing output ahead of the post-Labor Day slowdown.
Analysts surveyed by Reuters expect the EIA to report a 300,000-barrel decline in crude inventories.
Broader market sentiment was also influenced by production forecasts from OPEC and the EIA. Both projected higher oil output this year, but anticipate U.S. production — currently at a record 13.41 million barrels per day — will decline in 2026, while other regions expand oil and gas production. OPEC now expects global oil demand to grow by 1.38 million barrels per day in 2026, up from its previous forecast.
However, the White House downplayed expectations of a quick peace deal between Russia and Ukraine, tempering hopes for an immediate lifting of sanctions on Russian oil exports. “Trump downplayed expectations of his meeting with President Putin… However, expectations of additional sanctions on Russian crude continue to fall,” said Daniel Hynes, senior commodity strategist at ANZ.
