Brent crude oil futures hovered around $64.5 per barrel on Wednesday, pausing a three-day decline as investors weighed the impact of US sanctions on Russia against persistent oversupply concerns. Washington last week sanctioned Rosneft and Lukoil, Russia’s largest oil producers, prompting traders to closely monitor potential fallout. Meanwhile, India’s state-owned refiners are assessing whether they can continue buying discounted Russian oil through non-sanctioned suppliers. Industry data also 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 increased. Still, oil remains on track for a third consecutive monthly loss amid expectations of a global surplus, as OPEC+ reportedly considers another output hike at its upcoming meeting. Traders are also keeping an eye on progress toward a US-China trade deal ahead of the Trump-Xi meeting.