Oil prices held steady after US crude inventories fell by the most since December, suggesting a potential near-term supply shortage.

Oil edged higher after an industry report signaled a large decline in US crude stockpiles, while the market weighed the prospect of a Russia-Ukraine ceasefire in the Black Sea.

Oil prices fell for the second day in a row following an industry report showing an increase in US crude stockpiles.

Oil prices steadied following a series of modest gains, as an industry report highlighted another increase in US crude stockpiles, adding to the ongoing uncertainty over global supplies.

Oil prices edged lower after an industry report revealed the first increase in US crude stockpiles since mid-November, as traders awaited further commitments on global trade from President Donald Trump.