Oil prices stabilized after falling to their lowest levels in a month

Oil prices stabilized today, Wednesday, after falling in the previous session to their lowest levels in a month, at a time when investors are evaluating the possibilities of a surplus in supplies and talks aimed at concluding a peace agreement between Russia and Ukraine..

Brent crude futures fell five cents to $62.43 a barrel by 09:04 GMT, and US West Texas Intermediate crude futures rose one cent to $57.96..

Both contracts concluded yesterday’s trading with a decline of 89 cents after Ukrainian President Volodymyr Zelensky informed European leaders of his readiness to move forward with a US-backed framework to end the war with Russia, despite some points of disagreement..

Market sources said on Tuesday, citing figures from the American Petroleum Institute, that US crude inventories decreased last week, while fuel inventories rose. A Reuters poll showed that US crude inventories are expected to rise by 1.86 million barrels in the week ending November 21..

Official inventory data from the Energy Information Administration is scheduled to be released Wednesday at 10:30 a.m. EST..