Brent crude at last look was at US$62.02/barrel and West Texas Intermediate crude was at $58.34/b. Some support came from a reported drop in U.S. crude oil stocks from market sources citing American Petroleum Institute figures, Reuters said in a Wednesday report.

"Traders will be looking for cues from any breakthroughs or lack thereof in Ukraine peace talks, while the U.S. Fed rate cut policy is another key macro driver that could provide some support for oil prices," Reuters quoted Suvro Sarkar, lead energy analyst at DBS Bank, as saying.

The U.S. Federal Reserve is set to meet on Wednesday, with markets expecting a reduction in interest rates by a quarter point, which could boost economic growth and oil demand.

U.S. crude inventories dropped 4.78 million barrels last week, according to market sources citing API figures, as quoted by Reuters. Meanwhile, gasoline stocks increased 7 million barrels, the figures showed.

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