Oil prices edged higher on Wednesday after hitting a one-month low, with Brent crude rising to $62.75 and US West Texas Intermediate (WTI) reaching $58.19. Gains remained limited as traders weighed a potential Russia-Ukraine peace deal and concerns over an oversupplied market in 2026. Analysts said the uptick was largely a technical pause, supported by softer inventory signals and short-covering. Both benchmarks fell 89 cents in the previous session after Ukrainian President Volodymyr Zelenskiy signalled progress on a US-backed framework to end the war, a move that could eventually trigger the removal of sanctions on Russian oil and push WTI toward $55. Market sentiment stayed cautious as the US, Europe and Britain tightened sanctions on Russia, while India's Russian oil imports are expected to drop to a three-year low in December. Industry data showed US crude stocks declined last week, with official figures due later on Wednesday. Expectations of a US Federal Reserve rate cut in December offered some support, with weaker retail spending and softer inflation pointing to improved economic conditions that could boost oil demand. Attribution: Reuters
