Investors Wary of Ukraine War, Prices Rise

Oil prices rose on Wednesday from the previous session, as investors watched for fresh developments in the Ukraine war and weighed an industry report that showed a drop in U.S. crude inventories. U.S. special envoy Steve Witkoff said on Tuesday he will meet Ukrainian representatives in New York this week, adding that Washington is also in talks with Russia as it seeks to end the war. Brent crude futures rose 43 cents, or 0.64%, to $67.65 U.S. a barrel, while West Texas Intermediate (WTI) crude futures were up down 52 cents, or 0.82%, at $63.77 U.S.. Both contracts fell more than 2% on Tuesday after beginning the week at their highest levels since early August. Oil found some support on Wednesday from the American Petroleum Institute’s weekly supply report, which market sources said showed U.S. crude, gasoline and distillate inventories fell last week. In recent developments, Russian refineries have been hit by Ukrainian drone attacks, forcing them to export the crude they cannot process. Reports have Russia has revising up its crude oil export plan from western ports by 200,000 barrels per day in August from the initial schedule after attacks last week.