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Oil prices held largely steady in Asian trading on Wednesday, recovering slightly after a sharp drop in the previous session. Traders assessed a smaller-than-expected decline in U.S. crude inventories alongside renewed optimism surrounding potential progress in Russia-Ukraine peace talks—two factors that continue to shape sentiment across global energy markets. Brent oil futures for January delivery inched up 0.2% to $62.60 a barrel, while West Texas Intermediate (WTI) crude futures rose 0.2% to $58.08. Both benchmarks fell nearly 1.5% on Tuesday, hitting their lowest levels in more than a month.
Fresh data from the American Petroleum Institute showed U.S. crude stockpiles slipped by 1.9 million barrels for the week ending November 21, below forecasts for a 2.4-million-barrel draw. The weaker-than-expected reduction fueled concerns about slowing year-end demand, particularly ahead of the holiday travel period. Gasoline inventories rose by 500,000 barrels, and distillate stocks climbed by 800,000 barrels, reinforcing signs of softer fuel consumption. Analysts at ING described the data as “largely neutral,” noting that both crude and gasoline changes missed expectations.
At the same time, geopolitical developments added pressure to prices. Ukrainian President Volodymyr Zelenskiy signaled readiness to move forward with a U.S.-backed peace framework aimed at ending the conflict with Russia. A revised proposal, discussed earlier this week in Geneva with U.S. and European officials, includes phased security guarantees. While Washington and Kyiv have expressed positive momentum, uncertainty remains over Russia’s stance, keeping markets cautious.
Hopes for a credible peace deal have raised the possibility of easing restrictions on Russian crude and refined product exports. Any return of additional supply could weigh on global oil prices, counteracting the limited support coming from U.S. inventory declines. Investors are now awaiting official U.S. government stockpile data and further updates on diplomatic efforts as they gauge the next direction for crude markets.
