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Investing.com - Oil prices were hovering near two-month lows on Wednesday, as investors gauged the prospects of a deal to halt the war in Ukraine and ongoing tariff threats from U.S. President Donald Trump.
Brent oil futures expiring in April rose 0.1% to $72.56 a barrel, while West Texas Intermediate crude futures climbed 0.3% to $69.11 per barrel by 09:07 ET (14:07 GMT). Both contracts dipped on Tuesday.
Lingering risks from the Trump administration’s plans to impose sweeping import tariffs and soft U.S. consumer confidence data are fueling concerns over demand, analysts at ING said in a note to clients on Wednesday.
Media reports also suggested that the U.S. and Ukraine have reached a draft minerals deal. The agreement -- which may reportedly be signed later this week -- could be a crucial pillar of Kyiv’s drive to secure Washington’s support as Trump attempts to bring about a quick end to the war with Russia.
"This would take us a step closer to Russian sanctions being lifted, removing much of the supply uncertainty hanging over the market," the ING analysts wrote.
U.S. oil inventories clock small weekly draw - API
Meanwhile, data from the American Petroleum Institute showed on Tuesday evening that U.S. oil inventories shrank by 0.6 million barrels in the week to February 21, against expectations for a build of 2.3 million barrels.
The print usually heralds a similar reading from official inventory data, which is due later on Wednesday. But signs of an unexpected draw spurred some expectations for tighter U.S. supplies in the near-term.
(Ambar Warrick contributed reporting.)