Oil Prices Steady Ahead of Ukraine Peace Talks
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Oil prices stabilized as investors monitored Russia-Ukraine peace talks and awaited a U.S. interest rate decision. Brent crude rose 0.1% to $62.01, and WTI crude increased 0.2% to $58.35. U.S. crude inventories fell by 4.78 million barrels, while gasoline and distillate stocks rose. The U.S. Federal Reserve is expected to cut interest rates to support the labor market. A peace deal could lift sanctions on Russian companies, affecting oil supply. The EIA raised its 2025 U.S. oil production forecast to 13.61 million barrels per day.
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