Oil Holds Steady as Traders Assess Possible Ukraine War Truce

Oil closed unchanged after a choppy session as investors assessed whether a prospective deal by the US and Russia to halt the war in Ukraine would receive international support and materially affect Russian crude flows.

West Texas Intermediate swung in a roughly $1.80 range before ending the day flat below $64 a barrel, narrowly breaking a six-session losing streak. The US and Russia are aiming to reach a deal that would lock in Russia’s occupation of territory seized during its invasion, according to people familiar with the matter. Washington is working to get buy-in from Ukraine and its European allies on the agreement, which is far from certain.