Oil prices were little changed on Wednesday as investors monitored a fragile Middle East ceasefire and awaited a high-stakes summit in Beijing between U.S. President Donald Trump and China's Xi Jinping Reuters reported.
Brent crude futures were down 30 cents, or 0.3%, to $107.47 a barrel at 1220 GMT. U.S. West Texas Intermediate futures were down 14 cents, or 0.1%, to $102.04.
Oil prices were little changed on Wednesday as investors monitored a fragile Middle East ceasefire and awaited a high-stakes summit in Beijing between U.S. President Donald Trump and China's Xi Jinping.
Brent crude futures were down 30 cents, or 0.3%, to $107.47 a barrel at 1220 GMT. U.S. West Texas Intermediate futures were down 14 cents, or 0.1%, to $102.04.
"The market remains highly reactive to every update from the region, meaning sharp swings are likely to persist. Any further escalation or direct threat to supply flows could quickly revive strong upside momentum in both Brent and WTI," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Supporting prices, the International Energy Agency said global oil supply would not meet total demand this year as the war wreaks havoc on Middle Eastern production.
"The latest IEA oil market report just showed the magnitude of the disruption with large oil inventory declines over the last two months," UBS analyst Giovanni Staunovo said.
The IEA also said Russia's crude oil production declined by 460,000 barrels per day in April from a year earlier to around 8.8 million bpd, as Ukraine ramped up drone attacks on energy targets.
OPEC on Wednesday lowered its forecast for world oil demand growth in 2026.
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