Oil Prices Inch Higher After Hitting One-Month Lows
Market Intelligence Analysis
AI-PoweredOil prices rebounded slightly after hitting one-month lows, with Brent crude and West Texas Intermediate increasing by 0.38% due to a decline in US inventories and a potential peace deal between Ukraine and Russia.
Market impact analysis based on neutral sentiment with 72% confidence.
Article Context
Oil prices recovered slightly in early Asian trading on Wednesday after falling to one-month lows in Tuesday's session. Sentiment in markets remains bearish, with traders focused on a potential peace deal between Ukraine and Russia. At the time of writing, Brent crude was trading at around $62.72 a barrel while West Texas Intermediate was changing hands at $58.17 - both up by 0.38%. Against a backdrop of increasingly bearish signals, the American Petroleum Institute provided a rare piece of positive news for oil prices, with U.S. inventories falling…
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