Oil prices fall on weak demand as markets await Ukraine peace effort for supply signs

Oil prices fell for a second day on Wednesday as investors waited to see if peace talks in the Russia-Ukraine war could open up more supply amid wider concerns about a surplus, highlighted by rising inventories. Brent crude futures were down 13 cents, or 0.21%, at $62.32 a barrel at 0221 GMT, after falling 1.1% in the previous session. U.S. West Texas Intermediate crude lost 12 cents, or 0.20%, to trade at $58.52 a barrel, after dropping 1.2% on Tuesday. Russia and the U.S. did not reach a compromise on a possible peace deal for Ukraine after a five-hour meeting between President Vladimir Putin and U.S. President Donald Trump’s top envoys, the Russian government said on Wednesday. Oil markets are awaiting the outcome of the talks to see if a deal could lead to the removal of sanctions on Russian companies, including major oil companies Rosneft and Lukoil, that would free up restricted oil supply.