Oil prices stabilized on Wednesday after falling roughly 1% in the previous session, as concerns over oversupply limited gains while investors awaited developments in Russian-Ukrainian peace talks.
اضافة اعلان
Brent crude futures rose 11 cents, or 0.2%, to $62.05 per barrel at 02:41 GMT.
West Texas Intermediate (WTI) gained 13 cents, or 0.2%, to $58.38 per barrel.
Despite expectations of a potential oversupply, ING Bank noted that Russian oil supplies still pose risks. The bank highlighted that although sea-borne Russian exports remain at strong levels, these barrels are struggling to find buyers, and production could decline if demand does not increase.
Ukrainian President Volodymyr Zelensky announced that Ukraine and its European partners would soon provide the U.S. with revised documents on a peace plan to end the war with Russia. A potential agreement could ease international sanctions on Russian firms, potentially increasing restricted oil supplies.
Meanwhile, the U.S. Energy Information Administration (EIA) raised its 2025 U.S. oil production forecast by 20,000 barrels per day to a record 13.61 million bpd, while lowering the 2026 projection by 50,000 barrels to 13.53 million bpd.
