WTI crude oil futures traded around $60 per barrel on Wednesday, holding a three-day decline as investors continued to weigh the impact of US sanctions on Russia and persistent oversupply concerns. Last week, Washington blacklisted Rosneft and Lukoil, Russia’s largest oil producers, prompting traders to closely monitor potential fallout. Indian refiners paused new Russian oil orders pending guidance, though state-run IOC said it would continue purchases in compliance with sanctions. Skepticism persisted that sanctions would offset oversupply, as OPEC+ reportedly considers another output hike at its upcoming meeting. Partially cushioning losses, industry data showed a 4-million-barrel drop in US crude inventories, along with declines in gasoline and distillate stockpiles, though reserves at the key Cushing, Oklahoma hub rose. Separately, traders are watching developments on a potential US-China trade deal ahead of the Trump-Xi meeting.
