FX.co ★ Oil Prices Little Changed Near One-Month Lows

On Wednesday, US crude oil futures remained relatively stable at approximately $58 per barrel, hovering near their lowest in a month. This stagnation is attributed to anticipated increases in supply weighing on the market. Contributing to the downward pressure on prices was the growing optimism surrounding a possible peace agreement between Ukraine and Russia, which could lead to eased restrictions on Russian oil. President Trump stated that "only a few remaining points of disagreement" persist, while Ukrainian President Zelenskiy expressed to European leaders his willingness to proceed with a US-supported framework aimed at ending the conflict with Russia. Additionally, data from the Energy Information Administration (EIA) indicated an unexpected rise in US crude inventories by 2.774 million barrels last week, contrary to the forecasted 0.5 million-barrel reduction. At the same time, US petroleum product exports surged to a record high.