Oil prices rose modestly in Asian trading, rebounding from a five-month low as hopes for a U.S.-Russia summit over the Ukraine conflict faded. The collapse of these diplomatic talks signaled ongoing geopolitical instability, which often bolsters crude prices due to supply risk concerns.
Brent crude futures for December delivery climbed 0.3% to $61.53 per barrel, while West Texas Intermediate (WTI) futures rose 0.4% to $57.47 per barrel as of 00:51 GMT. Both benchmarks had dropped earlier in the week, weighed down by renewed trade tensions between the U.S. and China. However, positive economic growth data from China and conciliatory remarks from U.S. officials helped stabilize sentiment and lent support to oil markets.
The planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was indefinitely postponed after Moscow refused to agree to an immediate ceasefire in Ukraine. Trump stated that meeting Putin would be “a waste of time,” dampening expectations of a breakthrough. Russia continues to insist that Ukraine surrender territory as a condition for peace—an offer Kyiv firmly rejects. Reports indicate Trump’s recent meeting with Ukrainian President Volodymyr Zelensky was tense, though Zelensky described it publicly as productive, claiming Trump had agreed to support a ceasefire along current front lines.
Adding further optimism, data from the American Petroleum Institute (API) showed a drawdown of 2.98 million barrels in U.S. crude inventories for the week ending October 18. This follows a 3.5 million-barrel build the previous week. The decline eased fears of oversupply and weak demand that have weighed on prices in recent weeks.
Market watchers now await official U.S. government inventory data, expected later Wednesday, for confirmation of the API’s findings. Any further signs of tightening supply could help sustain the recent recovery in oil prices.