Oil Edges Higher

2025-12-03 01:36 By Kyrie Dichosa 1 min. read

WTI crude oil futures edged higher toward $59 per barrel on Wednesday, paring back losses from the previous session, as markets weighed the outcome of US–Russia diplomatic discussions amid ongoing strikes on Moscow’s energy facilities.

The Kremlin said President Vladimir Putin held “very useful” discussions with US envoys, though the talks did not produce an agreement to end the war in Ukraine.

The discussions came amid another attack on a Russia-affiliated ship, with no clarity on who was responsible.

Putin warned that Moscow could retaliate by striking vessels belonging to countries supporting Ukraine if assaults on its fleet continue.

Adding to geopolitical risks was renewed US pressure on Venezuela, with President Donald Trump hinting at possible Pentagon strikes on drug cartels.

Meanwhile, industry data showed US crude inventories rose by about 2.5 million barrels last week, alongside an increase in gasoline stocks.

Official figures are due today.



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