BEIJING: Oil prices recovered slightly on Wednesday, after dipping to one-month lows in the previous session amid signs that Ukraine is nearing a peace deal with Russia that would likely lead to the end of international sanctions on Russian supply.

Brent crude futures rose 19 cents, or 0.3%, to $62.67 a barrel as of 0114 GMT, while U.S. West Texas Intermediate crude futures gained 14 cents, or 0.24%, to $58.09 a barrel.