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US President Donald Trump said on Tuesday (US local time) that his special envoy Steve Witkoff would be visiting Moscow next week to meet Russian President Vladimir Putin, with Trump's son-in-law Jared Kushner might going with Witkoff too. The development comes on the heels of progress on a draft proposal to end the conflict, CNN reported.

Oil prices saw a slight recovery on Wednesday. This comes as Ukraine moves closer to a peace deal with Russia. Such an agreement could lead to the lifting of international sanctions on Russian oil. This development is being closely watched by the market. Expectations of a US Federal Reserve interest rate cut also offer some support to crude prices.