Crude oil futures settled higher on Wednesday after U.S. proposed Russia-Ukraine peace talks failed to deliver a breakthrough. Following a meeting between U.S. envoy Steven Witkoff and Russian President Vladimir Putin, Russian officials called the talks constructive, though they added that no compromise had been reached on the status of the territories captured by Russia in Ukraine.
Benchmark crude oil futures for December increased $0.31 or 0.53% at $58.95 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.22 or 0.35% to settle at $62.67 a barrel on London's Intercontinental Exchange.
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