If a peace between Russia and Ukraine is reached, there is no downside to oil prices since Russian oil is "already flowing at full throttle,” said Manish Raj, managing director at Velandera Energy Partners.

Oil prices rose in early Asian trading on Wednesday, supported by a bigger-than-expected decline in U.S. crude inventories and hopes that renewed Russia-Ukraine negotiations could influence sanctions and global supply flows.

President Trump, Ukrainian President Volodymyr Zelenskyy and seven European leaders met at the White House to talk about ending the war between Russia and Ukraine. The meeting followed a summit between Trump and Russian President Vladimir Putin in Alaska last week.