Global oil prices witnessed a fresh rebound on Wednesday after the American Petroleum Institute (API) reported a sharp decline in U.S. crude inventories. The ongoing uncertainty around the Russia-Ukraine peace talks has also kept the market volatile, with sanctions on Russian crude still in place.
On Tuesday, oil prices had dropped more than 1% amid optimism about a possible Ukraine peace deal. However, U.S. President Donald Trump stated that Russian President Vladimir Putin might not yet be ready to make a deal. This hesitation has slowed down expectations of an early resolution.
According to market reports, U.S. crude stocks fell by 2.42 million barrels, providing price support. Meanwhile, Brent crude futures rose $0.44 (0.7%) to $66.23 per barrel, and U.S. West Texas Intermediate (WTI) crude gained $0.65 (1%) to $63 by 1000 GMT.
📊 Oil Price Movement Table
| Crude Type | Previous Price | Current Price | Change | Trend |
|---|---|---|---|---|
| Brent Crude | $65.79 | $66.23 | +$0.44 (0.7%) | 📈 Rise |
| WTI Crude (Sept Delivery) | $62.35 | $63.00 | +$0.65 (1%) | 📈 Rise |
| U.S. Crude Stocks | N/A | -2.42M Barrels | Drop | 📉 Fall |
Analyst Giovanni Staunovo from UBS explained:
“Oil prices are swinging up and down sharply. The API report shows a positive trend, which supports short-term stability.”
At the same time, peace talks between Russia and Ukraine face delays. Trump hinted at a potential trilateral summit involving himself, Putin, and Ukrainian President Volodymyr Zelenskiy, but Russia has not confirmed its participation. Analysts at ANZ believe that a quick resolution now looks less likely.
Additionally, U.S. oil supply is under pressure as operations at a 440,000-barrel-per-day refinery in Whiting, Indiana were disrupted due to severe flooding, impacting crude demand and regional fuel supply.
✅ Key Highlights:
- API reports U.S. crude stock drop of 2.42 million barrels.
- Brent crude rises to $66.23 and WTI climbs to $63.
- Russia-Ukraine peace talks remain uncertain.
- U.S. refinery flooding adds pressure to supply.
