Oil Prices Drop Following U.S.-Brokered Ukraine-Russia Peace Talks and Rising Crude Inventories

Global oil prices fell as diplomatic efforts to end the Ukraine war and a significant U.S. crude stockpile increase eased supply concerns.

Brent crude fell 1.1% to $74.32 per barrel, while U.S. West Texas Intermediate dropped 1.3% to $70.46 on Thursday, continuing a two-day decline.
The price drop follows U.S. President Donald Trump's discussions with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy, initiating peace negotiations to end the nearly three-year conflict.
Analysts suggest optimism around reduced supply risks from Russia contributed to the oil price decline, alongside expectations of increased Russian energy exports.
U.S. crude oil inventories rose by 9.04 million barrels last week, the largest increase in a year, according to preliminary data, further pressuring prices downward.
Higher-than-expected U.S. inflation data has also added uncertainty to Federal Reserve interest rate decisions, creating additional market volatility.