Brent crude oil futures rose above $66 per barrel on Wednesday, trimming an over 1% loss in the prior session, after industry data pointed to a larger-than-expected draw in US crude inventories. The API reported a 2.4 million-barrel decline last week, surpassing expectations for a 1.2 million-barrel drop, suggesting stronger demand. Gains, however, were capped by geopolitical developments. Markets are watching potential Russia-Ukraine peace talks, which could ease sanctions on Russian crude and boost global supply. At the same time, China’s refiners purchased 15 cargoes of Russian oil for October and November delivery, stepping in as Indian demand waned, highlighting the resilience of Moscow’s exports despite sanctions pressure. The prospect of a Russia-Ukraine deal, softer enforcement of secondary sanctions, and rising OPEC+ output have all contributed to recent market weakness, driving oil to an almost three-month low and leaving prices down more than 10% so far this month.