Oversupply Concerns Cap Crude Oil Gains; Ukraine Peace Talks Eyed

• Crude oil prices stabilized on Wednesday after a nearly 1% drop in the previous session, driven by oversupply concerns.
• Brent crude futures rose 0.2% to $62.05/barrel; U.S. WTI crude increased 0.2% to $58.38/barrel.
• Investors are monitoring progress in Russia-Ukraine peace talks.
• U.S. crude production is projected to reach a record high of 13.6 million barrels per day this year, contributing to global oversupply.
• API reported a 4.8 million barrel decrease in U.S. crude inventories last week, but fuel stockpiles significantly increased.

Why It Matters: Oversupply concerns are stabilizing crude oil prices, affecting your fuel costs.