Oil prices hold declines amid Ukraine peace talks
Oil prices ticked down in Asian trading on Wednesday after losses in the previous session, as markets weighed the fallout from high-level U.S.-Russia talks on ending the war in Ukraine.
As of 22:05 ET (03:05 GMT), Brent Oil Futures expiring in February fell 0.3% to $62.24 per barrel, while West Texas Intermediate (WTI) crude futures also dipped 0.3% to $58.44 per barrel.
Both contracts slipped more than 1% on Tuesday.
Traders assess US-Russia talks on Ukraine peace
A five-hour meeting at the Kremlin between Russian President Vladimir Putin and U.S. envoys Steve Witkoff and Jared Kushner ended past midnight, but according to the Kremlin, no compromise was reached on a possible peace deal for Ukraine.
Kremlin adviser Yuri Ushakov described the talks as “constructive,” but said key differences — especially over territorial issues such as the fate of the Donbas region — remain a major sticking point.
At the same time, Ukrainian forces continued to target Russian energy infrastructure, raising the risk of disruptions to Russian crude and fuel flows. That persistent threat to supply keeps a geopolitical risk premium alive for now, even as thawing diplomatic rhetoric offers hints of possible detente.
“Also, Moscow warns that it might start striking ships of countries supporting Ukraine. This threat comes in light of recent Ukrainian attacks on Russian vessels. It increases tensions amid ongoing discussions between Russia and the US on Ukraine,” ING analysts said in a note.
