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Oil Climbs After Two-Day Drop as Russia-Ukraine Talks Stall

  • Attacks reported near Kyiv despite earlier pledge to cut back
  • EIA data shows implied gasoline demand defies seasonal norms
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Oil rose with the Kremlin reporting there’s been no breakthrough in peace talks while the Ukraine says Russia is deploying reinforcements, dashing hopes for an end to the war. 

Futures in New York settled near $108 a barrel on Wednesday after falling the prior two sessions. The Kremlin said peace talks yielded no breakthroughs, while Ukrainian President Volodymyr Zelenskiy said that Russia is sending new forces as attacks continue on Kyiv. Oil pared some of its gains after a U.S. government report signaled high prices may be depressing demand for fuel during a time of year that consumption is usually taking off toward its summer peak.