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Oil rebounds slightly from one-month low amid technical support, peace talk hopes
Oil prices recovered modestly from recent lows, underpinned by short-covering and geopolitical optimism albeit weak supply-demand fundamentals remain.
After hitting a one month low, oil prices rose modestly on Wednesday as traders assessed easing supply concerns and improving sentiment around possible diplomatic progress in Ukraine. Brent futures rose 27 cents to $62.75 per barrel, while WTI gained 24 cents to $58.19. However, analysts cautioned that structural oversupply risk remains ahead of 2026.