Oil stabilises after Ukraine peace talks push prices to one-month lows

Oil prices recovered slightly on Wednesday, after dipping to one-month lows in the previous session amid signs that Ukraine is nearing a peace deal with Russia that would likely lead to the end of international sanctions on Russian supply. Brent crude futures rose 19 cents, or 0.3%, to $62.67 a barrel as of 0114 GMT, while U.S. West Texas Intermediate crude futures gained 14 cents, or 0.24%, to $58.09 a barrel. Both contracts settled down 89 cents on Tuesday after Ukrainian President Volodymyr Zelenskiy told European leaders in a speech that he was ready to advance a U.S.-backed framework for ending the war with Russia and that only a few points of disagreement remained.