Oil prices were mixed, with Brent crude flat on $79.93 a barrel and WTI rising 0.2% to $76.48 a barrel.
Crude has broadly stabilized on a slide in U.S. inventories, after its recent rally was interrupted in Tuesday’s session.
Prices had ticked lower on Tuesday as reports of a potential ceasefire agreement in the Middle East eased concerns of supply tightness, ING analysts said in a note.
Brent crude fell around 1.2% on Tuesday, its first daily decline since the U.S. announced stricter sanctions on the Russian energy sector, ING said. However, oil prices firmed in morning trading in Asia on Wednesday, after U.S. crude inventories fell more than expected, ING said.