Brent crude oil futures rose 1.6% to settle at $66.8 per barrel on Wednesday, after a weekly report from the Energy Information Administration showed a 6 million-barrel decline in US crude inventories, providing modest support to prices. Despite the overall draw, inventories at Cushing, Oklahoma, increased for the seventh consecutive week to 23.5 million barrels, reflecting a surge in supplies from the Permian Basin. Traders also monitored progress toward a Russia-Ukraine ceasefire, with high-level talks potentially affecting restrictions on Russian crude exports. Some Russian oil has been redirected to India, drawing criticism from the US administration and renewed talk of tariffs. Analysts noted that while the inventory drop is bullish in the short term, the longer-term outlook remains bearish due to expected OPEC+ supply increases and concerns over demand. Futures are down more than 10% so far this year, reflecting ongoing market uncertainty.