Oil Steady as Market Awaits Inventory Data and US-Russia Meeting

Oil prices remained relatively stable on Wednesday as investors awaited U.S. inventory data, while also keeping an eye on the upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin. Brent crude futures dipped 3 cents, or 0.05%, to $66.09 a barrel at 0711 GMT, while U.S. West Texas Intermediate crude futures edged down 8 cents, or 0.13%, at $63.09. Both contracts settled lower on Tuesday, The Caspian Post reports citing Reuters. Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia's war in Ukraine that has shaken oil markets since February 2022. Oil investors are in a "wait-and-see mode" ahead of the meeting, said ING commodity strategists. "The outcome could remove some of the sanction risk hanging over the market," the ING strategists added. Investors also awaited further cues after an industry report showed U.S. crude stockpiles climbed last week. Crude inventories in the United States, the world's biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly.