Oil prices edged lower for a second session on Wednesday as rising US inventories and oversupply concerns outweighed geopolitical risks tied to stalled Russia-Ukraine peace efforts. Brent crude inched up 0.03 per cent to $62.47 at 0427 GMT, while US West Texas Intermediate (WTI) added 0.05 per cent to $58.67. Analysts said crude remains under pressure even as Ukraine continues drone attacks on Russian energy infrastructure and Moscow threatens to target ships supporting Kyiv. Brent hovered near its weakest level since October. Talks between Russian President Vladimir Putin and senior US envoys ended without progress toward a potential peace deal, dimming hopes that sanctions on Russian producers such as Rosneft and Lukoil might be lifted to ease supply constraints. Traders are also watching developments on the Black Sea after Ukrainian drones struck export sites and two sanctioned tankers, while the Caspian Pipeline Consortium works to restore full loading capacity following recent damage. Oversupply worries intensified after the American Petroleum Institute reported a 2.48-million-barrel rise in US crude inventories last week, alongside larger-than-expected builds in gasoline and distillates. Official US government data is due later on Wednesday. Attribution: Reuters
