[MARKET ANALYSIS] WTI and Brent nurse prior day losses; Ukraine talks concluded, with second round of talks set to commence soon

• Crude prices are nursing prior day losses following yesterday's geopolitical development between US and Iran which ended on a more positive note, though caution remains. As a reminder, pressure in the complex was seen on Tuesday, after the Iranian Foreign Minister said that they have reached an understanding on the main principles.
• On the other geopolitical development, Russia and Ukraine talks saw little update although Ukrainian President Zelensky said the Ukrainian people would reject a peace deal that involves Ukraine unilaterally withdrawing from the eastern Donbas region and turning it over to Russia. in the European session, the RIA reported that talks have concluded with not much significant update, though the next round of talks are set to commence soon.
• Thus far this morning, newsflow on the geopolitical front or general market price catalyst for crude benchmarks has been thin. WTI and Brent are trading at the narrow range of USD 62.12-62.66/bbl and 67.26-67.87/bbl, respectively.

Crude prices are struggling to recover from recent losses amidst ongoing geopolitical tensions, particularly with the US and Iran and the standoff in Ukraine. The lack of meaningful updates from the latest Russia-Ukraine talks suggests that uncertainty remains high, keeping pressure on energy prices. Traders should watch for how these developments might influence crude benchmarks and overall market sentiment, especially if further news emerges from the upcoming negotiation rounds.