Oil prices steady as investors weigh Russia-Ukraine talks against falling US oil stocks
USO•Brent rose 0.2% to $109.04 a barrel and WTI fell 0.1% to $97.72 as investors weighed possible progress in Russia-Ukraine talks against falling US crude stocks and limited US-Iran dialogue. US crude inventories dropped 3.06 million barrels to 412.5 million, more than the expected 820,000-barrel decline.
1. Prices little changed
Oil prices were little changed on Wednesday after both benchmarks gained as much as $2 earlier in the session. Brent futures rose 27 cents to $109.04 a barrel, while US West Texas Intermediate fell 11 cents to $97.72.
2. Talks and regional attacks
Russian President Vladimir Putin agreed to resume US-mediated peace talks with Ukraine as soon as next month, the Kremlin said. Iran's president said the United States could not expect dialogue while blockading and threatening Iran. Kpler data showed at least 18 vessel attacks over the past two weeks, while LSEG analysts said attacks were reaching beyond the Strait of Hormuz into the Gulf of Oman.
3. US inventory data
US crude stocks fell 3.06 million barrels to 412.5 million last week, compared with expectations for an 820,000-barrel draw, the Energy Information Administration said. Distillate stockpiles rose 1.68 million barrels to 104.3 million, against expectations for a 1.16 million-barrel decline. The US Department of Energy said it was offering to loan up to nearly a third of the 1-million-barrel emergency heating oil reserve.
