Published on, Aug. 21 -- August 21, 2025 8:26 AM

Oil prices rose on Wednesday as the American Petroleum Institute reported a drop in U.S. crude inventories and investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now.

Crude fell more than 1% on Tuesday on optimism that an agreement to end the war seemed closer. However, U.S. President Donald Trump conceded that Russian President Vladimir Putin might not want to make a deal.

Brent crude futures rose 71 cents, or 1.1%, to $66.50 a barrel by 1207 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, gained 84 cents, or 1.4%, to $63.19.

"It seems oil prices are thrown down one...