Oil Steadies Near $60 as Markets Weigh Sanctions and Supply Risks

WTI crude oil futures held around $60 a barrel on Wednesday, stabilizing after a three-day slide as traders balanced U.S. sanctions on Russian producers against ongoing oversupply concerns.

Washington’s move to sanction Rosneft and Lukoil — Russia’s largest oil firms — has prompted markets to monitor potential supply disruptions, while India’s refiners are reviewing whether they can continue purchasing discounted Russian oil via non-sanctioned channels.

Industry data showed a 4-million-barrel drop in U.S. crude inventories, alongside declines in fuel stockpiles, though Cushing hub reserves rose.

Despite the short-term rebound, oil remains set for a third straight monthly loss amid expectations of a global surplus, with OPEC+ reportedly weighing another output hike at its next meeting.

Traders are also watching progress on a potential U.S.–China trade deal ahead of the upcoming Trump–Xi talks.