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Oil prices rise as Moscow peace talks fail to reach breakthrough
Business World Philippines
|December 05, 2025
Oil prices settled higher on Wednesday after the US and Russia failed to reach a deal to end the war in Ukraine that could have eased sanctions on Moscow's oil sector, though gains were held back by fears of oversupply.
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Brent crude closed 22 cents, or 0.4%, higher at $62.67, while US West Texas Intermediate (WTI) rose 31 cents, or 0.5%, to $58.95. Both contracts fell more than 1% in the previous session.
US crude, gasoline and distillate stocks rose last week, the Energy Information Administration (EIA) said on Wednesday, adding to fears of an oversupply.
Crude inventories rose by 574,000 barrels in the week ended Nov. 28, the EIA said, compared with analysts’ expectations in a Reuters poll for an 821,000-barrel draw.
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