Brent Crude Rises Over 1% Amid US-Ukraine Talks, Inventory Shifts

Oil prices have been rising due to strong US demand and uncertainties surrounding efforts to end the war in Ukraine. Brent crude futures reached a two-week high of $67.11 per barrel, supported by a significant decline in US crude inventories despite rising supplies in Cushing, Oklahoma. The market is closely monitoring discussions between US President Donald Trump and Ukrainian President Volodymyr Zelensky, which could influence sanctions and the global oil supply. Trump has suggested Ukraine should abandon its claims to Crimea and NATO membership in favor of a peace deal, signaling a shift toward Moscow's stance. Additionally, US criticism of India's purchase of Russian crude has added to market tensions. Despite these factors, oil prices remain under pressure from trade disputes and anticipated increases in OPEC+ production, contributing to a more bearish long-term outlook.