Oil prices fall on weak demand; markets await Ukraine peace effort

TOKYO: 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.