Oil prices fell for a second consecutive session on expectations of results from Russian-Ukrainian peace talks. This could increase supply and heighten fears of an oil surplus amid rising inventories.
Oil prices fell for a second straight session on Wednesday as traders awaited the outcome of Russian-Ukrainian peace talks that could increase supply, and fears of a potential oil glut intensified amid rising inventories, UNN reports, citing Reuters.
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Prices later stabilized: Brent crude rose 2 cents, or 0.03%, to $62.47 by 04:27 GMT (06:27 Kyiv time). At the same time, US West Texas Intermediate crude rose 3 cents, or 0.05%, to $58.67.
To be continued…
