WTI drifts lower to near $62.00 on talks to end Russian invasion of Ukraine

• WTI price tumbles to around $62.05 in Wednesday's early Asian session.
• The White House said Russia-Ukraine meeting plans are 'underway' following Trump meetings.
• US crude inventories fell 2.4 million barrels last week, API said. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $62.05 during the early Asian trading hours on Wednesday. The WTI edges lower on the prospect of peace in Ukraine after the end of talks between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy. 

Oil traders expect that a meeting over a potential agreement to legitimize or end Russia's invasion of Ukraine could ease sanctions on Russian crude oil. This, in turn, could boost global supply and weigh on the WTI price. Trump said arrangements were being made for a meeting between Russian President Vladimir Putin and Zelenskiy, which could lead to a trilateral summit involving all three leaders.

Traders will closely monitor the developments surrounding progress toward a ceasefire to the war in Ukraine. Any possible peace deal could lead to fewer restrictions on Russia's crude exports, although Moscow has largely kept its oil flowing.

The American Petroleum Institute (API) showed a fall in crude stocks last week, surpassing expectations. This report signaled a stronger demand and might cap the downside for the WTI price. According to the API weekly report, crude oil stockpiles in the US for the week ending August 15 declined 2.4 million barrels, compared to a rise of 1.5 million barrels in the previous week. The market consensus estimated that stocks would decrease by 1.2 million barrels.