After falling by around 1% during the session Previous, oil prices remained stable on Wednesday. Investors Expect progress in peace talks between Russia and Ukraine and a decision on American interest rates.

The price of Brent crude oil was up 7% cents, or 0.1%, to $62.01 per barrel at 05:00 GMT.

The American Crude Oil Price West Texas Intermediate was $58.32 per barrel, up 7 cents, or 0.1%.

Market sources, quoting API figures, reported on Tuesday that U.S. crude oil inventories fell by 4.78% million barrels last week, while gasoline inventories have increased by 7 million barrels and distillate stocks by 1.03 million barrels.

A peace agreement between Ukraine and Russia could lead to the lifting of international sanctions imposed on Russian companies, which could free up oil supplies currently restricted.