Oil prices stabilized on Wednesday, after falling during the previous session, as investors remained attentive to the latest developments in the conflict in Ukraine and took into account a sector report showing a drop in US crude inventories.

Steve Witkoff, the American special envoy, said on Tuesday that he would meet with Ukrainian representatives this week in New York, adding that Washington was also in talks with Russia in an effort to end the war.

Brent futures lost 4 cents to $67.18 per barrel at 8:20 GMT, while WTI (West Texas Intermediate) lost 3 cents to $63.22 per barrel.

Both references fell by more than 2% on Tuesday, after starting the week at their highest level since early August.

The market found some support on Wednesday thanks to the American Petroleum Institute (API) weekly report, which industry sources said showed a drop in U.S. crude, gasoline and distillate inventories last week. Official stock data will be released at 14:30 GMT