Crude oil remained under pressure on Wednesday as the market awaited more US inventory data and the upcoming meeting between US President Trump and Russian President Putin.
The Alaska meeting on Friday could affect the market as traders could monitor the developments around sanctions on Russian oil and broader geopolitical risks.
Positive steps in the peace talks could reduce supply risks and weigh on crude prices.
The market was also reacting to the US crude stockpiles API data, which rose by 1.5 million barrels. The unexpected rise in inventories could weigh on demand expectations in the US and leave market participants more cautious.
The U.S. Energy Information Administration (EIA) report for the week ending August 8, 2025, is due later today, and market participants will be watching closely for any shifts in crude and product inventories. A larger-than-expected build in crude stockpiles could put further pressure on crude prices, while declines or stronger-than-expected draws in gasoline and distillate inventories may provide support.
