Crude prices held near flat on Wednesday, pausing after a sharp drop in the previous session that pushed benchmarks to their lowest levels in about a month. Traders continued to evaluate the likelihood of oversupply heading into 2026 and monitored renewed diplomatic efforts aimed at brokering a Russia-Ukraine peace agreement.

Brent crude slipped 5 cents to $62.43 a barrel by 09:04 GMT, while U.S. West Texas Intermediate edged up just 1 cent to $57.96.

“The market remains fundamentally skewed to the downside, with investors increasingly pricing in an oversupplied 2026 and no convincing demand catalyst to offset it,” said Phillip Nova analyst Priyanka Sachdeva.

Both crude benchmarks had settled 89 cents lower on Tuesday after Ukrainian President Volodymyr Zelenskiy told European leaders he was prepared to move forward with a U.S.-supported roadmap to end the war, noting that only a handful of issues still needed to be resolved.

“If finalised, the deal could rapidly dismantle Western sanctions on Russian energy exports,” potentially driving WTI prices to about $55, IG market analyst Tony Sycamore said in a client note.
“For now, the market waits for more clarity, but the risk appears to be for lower prices unless talks falter.”

U.S. President Donald Trump said he has instructed his representatives to meet separately with Russian President Vladimir Putin and Ukrainian officials. A Ukrainian official indicated that Zelenskiy may travel to the United States in the coming days to finalise an agreement.

Meanwhile, Western sanctions have grown tighter in recent weeks, and Indian imports of Russian crude are poised to fall to their lowest level since 2021 this December.

Inventory data also added to market uncertainty. According to figures from the American Petroleum Institute reported by market sources on Tuesday, U.S. crude stocks declined last week, while fuel inventories increased. Analysts in a Reuters poll had expected crude supplies to rise by 1.86 million barrels for the week ending November 21.

Traders now await official data from the Energy Information Administration, scheduled for release at 10:30 a.m. ET (15:30 GMT) on Wednesday.

Brent Oil price
Crude Oil price

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