Oil prices edged higher and remained in the green in recent trading, as market participants weighed the chances of a ceasefire in Ukraine and escalating tensions between the United States and Venezuela. WTI oil hovered near $59 per barrel after gaining about 0.5% in the previous session, while Brent closed slightly higher, just above $62 per barrel.

US President Donald Trump said the meeting between his envoy and Russian President Vladimir Putin went "quite well," but he admitted he did not yet know the final outcome of the peace talks to end the Russia-Ukraine war. The oil market is closely monitoring these developments, as a peace deal accompanied by sanctions relief could alter the flow of Russian oil supplies to the global market.

At the same time, Trump reiterated that the US would soon begin attacking drug cartels on the Venezuelan mainland. American troops have reportedly gathered in the region, adding a "risk premium" to oil prices. These geopolitical risks have somewhat tempered market concerns about a potential oil oversupply next year, which is expected to reach a record high.

On the supply side, US government data on Wednesday showed crude oil inventories rose by 574,000 barrels in the past week, while gasoline and distillate stocks also increased. The WTI contract for January delivery was recorded virtually unchanged at $59.01 per barrel at 7:33 a.m. Singapore time. Brent for February closed up about 0.4% at $62.67 per barrel in Wednesday's trading. (asd)

Source: Newsmaker.id