Although an expected glut of supply and a possible peace agreement between Russia and Ukraine limited the gains, Oil prices rose on Wednesday after falling to their lowest level in one month during the previous session.

The price of Brent crude oil increased by 27 cents, or 0.43%, to reach 62.75 dollars per barrel at 04:12 GMT, while that the American West Texas Intermediate crude oil price has gained 24 cents, or 0.41%, to reach 58.19 dollars per barrel.

According to Priyanka Sachdeva, senior market analyst at Phillip Nova, “these slight increases are more like a break technique than a trend.”

Brent and WTI both closed lower by 89 cents on Tuesday after Ukrainian President Volodymyr Zelenskiy declared to European leaders that he was ready to advance a framework supported by the United States to end the war with Russia, alone some points of disagreement remain.

American crude oil inventories declined the last week while fuel inventories increased, said Tuesday market sources, citing figures from American Petroleum Institute.