Oil prices were steady on Wednesday after falling to a one-month low the previous day. Investors are watching expectations of a possible supply glut and how the Russia-Ukraine peace talks will play out.
Both Brent crude and WTI fell 89 cents on Tuesday. The reason was that Ukrainian President told European leaders that he was ready to move forward with a U.S.-backed plan to end the war with Russia, and that only a few points remained for discussion.
Recently, the United States, Britain and Europe have increased sanctions on Russia. And India’s purchases of Russian oil in December are expected to reach their lowest level in three years.
U.S. crude oil inventories fell last week, but fuel stocks rose, according to U.S. crude oil inventories data. A Reuters poll had previously forecast crude stockpiles would rise by 1.86 million barrels in the week ending November 21.
