00:00Oil prices ended almost unchanged on Wednesday as investors weighed easing prospects in the Russia-Ukraine conflict against ongoing geopolitical
00:10tensions in the Middle East and a larger-than-expected decline in U.S. crude inventories.
00:15Brand crude settled up $0.03 at $108.82 a barrel, while U.S. West Texas' intermediate WTI fell $0
00:24.67 to $0.97. Both benchmarks had gained more than $2 earlier in the session before powering gains.
00:35Market sentiment was pressured after the Kremlin said Russian President Vladimir Putin has agreed to resume U.S.-mediated peace stocks
00:43with Ukraine as soon as next month.
00:45Investors believe progress toward a peace deal could help ease tight global diesel supplies and reduce pressure on energy markets.
00:53At the same time, tensions involving Iran continue to support oil prices.
00:58Iranian leaders said there could be no dialogue with the U.S. under current conditions, while data showed at least
01:0418 vessel attacks had been recorded over the past two weeks, raising concerns about crude shipments through key regional routes.
01:12Supporting the market further, U.S. crude inventories fell by 3.06 million barrels last week to 412.5 million
01:20barrels, according to the Energy Information Administration's EIA.
01:24The decline was significantly larger than analysts' expectations for an 820,000 barrel draw, signaling continuous strength in oil demand.
