World oil prices held steady near their lowest levels in a month on Wednesday morning, after being pressured by positive developments in the Ukraine-Russia peace talks. West Texas Intermediate (WTI) held around US$58 per barrel after falling 1.5% on Tuesday, while Brent was just above US$62 per barrel. Market concerns persist that if a peace deal is reached, restrictions on Russian oil could be eased just as the global market is already facing the risk of oversupply.

US President Donald Trump stated that only "a few points of difference" remain in the negotiations and that he has sent back negotiators for high-level meetings with both sides. This statement reinforced speculation that Russian oil supplies could be further relaxed in the future, curbing buying interest in the energy market despite price declines in recent sessions.

Meanwhile, data from the American Petroleum Institute (API) showed that US crude oil inventories fell by around 1.9 million barrels in the past week, a decline considered relatively small. At 7:25 a.m. Singapore time, the January WTI contract edged up 0.2% to US$58.06 per barrel, while the January Brent contract closed 1.4% lower at US$62.48 per barrel. The market is now awaiting official US government oil inventory data, due later in the day, for further direction. (az)

Source: Newsmaker.id