Ammon News - Oil rose on Wednesday as the American Petroleum Institute reported a drop in U.S. crude inventories and investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now.

Crude fell more than 1% on Tuesday on optimism that an agreement to end the war seemed closer. However, U.S. President Donald Trump conceded that Russian President Vladimir Putin might not want to make a deal.

Brent crude futures rose 55 cents, or 0.8%, to $66.34 a barrel by 0812 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, gained 65 cents, or 1%, to $63.

Crude stocks fell by 2.42 million barrels, market sources said on Tuesday, citing American Petroleum Institute figures, ahead of official data at 1430 GMT. Reuters