Oil prices were little changed on Wednesday as investors await the next steps in talks to end Russia’s invasion of Ukraine, leaving in place sanctions on Russian crude and the chance of further restrictions on its buyers.
Brent crude futures were at $65.90 a barrel, up 11 cents, at 0405 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were at $62.40 a barrel, up 5 cents.
The more-active October contract was at $61.90 a barrel, up 13 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean the easing sanctions on Russia and an increase in global supply.
“Crude markets are in limbo… continued protracted peace talks will keep the market on its toes,” said Emril Jamil, a senior analyst at LSEG.
Despite comments from U.S. President Donald Trump on Tuesday the U.S. might provide air support as part of a deal to end Russia’s war in the country, he also conceded Russian President Vladimir Putin might not want to make a deal after all.
