LONDON, Dec 3 (Reuters): Oil prices climbed more than 1 per cent on Wednesday after Russia said talks with US officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.
Brent crude gained 68 cents, or 1.1 per cent, to $63.13 by 1313 GMT, while US West Texas Intermediate rose 75 cents, or 1.3 per cent, to $59.39. Both contracts fell more than 1 per cent in the previous session.
"Oil markets and prediction markets do not appear to price a large probability of a near-term peace agreement and removal of the sanctions on Russian oil," Goldman Sachs analysts said in a note.
Russia and the US failed to reach a compromise after a five-hour meeting between Russian President Vladimir Putin and US President Donald Trump's top envoys, the Russian government said on Wednesday.
Oil markets are awaiting the outcome of the talks to see if a deal could lead to the removal of sanctions on Russian companies, including major oil companies Rosneft and Lukoil, that would free up restricted oil supply.
Putin on Tuesday said that European powers are hindering US attempts to end the war by putting forward proposals they knew would be "absolutely unacceptable" to Moscow.
Recent Ukrainian attacks on oil export sites on the Russian Black Sea coast have highlighted the geopolitical concerns stemming from the war.
Ukraine also hit two sanctioned tankers involved in transporting Russian oil in the Black Sea last week.
Putin on Tuesday said Russia will take measures against tankers of countries that help Ukraine, adding to geopolitical risks, analysts said.
Rising US inventories, however, limited further gains.
The American Petroleum Institute reported on Tuesday US crude and fuel inventories rose last week, market sources said, citing the API figures.
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