Oil Halts Gains

WTI crude oil futures were little changed around $64.4 per barrel on Wednesday, pausing a three-day advance, as traders weighed supply risks from drone attacks on Russian energy infrastructure. Reports cited industry sources saying Russia’s pipeline operator Transneft had warned producers they might need to reduce output after Ukrainian strikes hit key export terminals and refineries. However, Transneft later dismissed the report on its website, calling it Western disinformation. Meanwhile, European officials signaled plans to speed up the reduction of Russian fossil fuel imports and urged stronger measures to increase economic pressure on Moscow. Investors also kept a close watch on the Federal Reserve’s policy decision later in the day, with a widely expected rate cut seen as supportive of economic activity and fuel demand. Separately, industry data showed US crude inventories fell by 3.42 million barrels last week, more than double the expected 1.6 million-barrel draw.