Doha: Oil prices were little changed on Wednesday as easing concerns over oversupply capped gains, while investors awaited developments in the Russian-Ukrainian peace talks. Brent crude futures rose 11 cents, or 0.2%, to $62.05 per barrel, while US West Texas Intermediate (WTI) crude futures gained 13 cents, or 0.2%, to $58.38 per barrel.

According to Qatar News Agency, the US Energy Information Administration (EIA) said it expects US oil production to reach a record high this year, raising its 2025 forecast by 20,000 barrels per day (bpd) to an average of 13.61 million bpd. However, the EIA lowered its 2026 production forecast by 50,000 bpd to 13.53 million bpd.