FX.co ★ Oil Holds Losses

WTI crude oil futures remained steady at around $58.7 per barrel on Wednesday, maintaining the losses incurred in the previous session as traders evaluated the outcomes of US–Russia diplomatic discussions. The Kremlin reported that President Vladimir Putin engaged in "very useful" talks with US representatives, although these meetings did not result in a resolution to the ongoing conflict in Ukraine. These diplomatic efforts coincided with another attack on a Russian-affiliated vessel, without any clear attribution of responsibility. President Putin issued a cautionary statement, indicating that Moscow might launch retaliatory strikes against vessels from nations supporting Ukraine if similar assaults on its fleet persist. Contributing to the geopolitical tension, the US has increased pressure on Venezuela, with President Donald Trump suggesting potential military actions against drug cartels. Concurrently, industry reports indicated an increase of approximately 2.5 million barrels in US crude inventories last week, coupled with a rise in gasoline stocks. Official inventory figures are expected to be released today.