Oil prices rose on Wednesday as supply concerns are resurfacing while peace talks ending Russia's invasion of Ukraine are likely to take longer, leaving in place sanctions on Russian crude and raising the chance of further restrictions on its buyers.

The U.S. Energy Information Administration's short-term outlook for oil prices forecast a slide in prices, potentially leading to lower rig counts and more job losses.

In short, if oil prices remain under pressure, which seems likely, stock investors should be on the alert for a correction lower in overall stock prices, with a differentiated view based on sector-specific vulnerabilities to lower oil prices.

The International Energy Agency forecasts a larger oil market oversupply due to tepid demand growth and surging supply from both OPEC+ and non-OPEC+ producers.

Oil prices are lower this morning following Trump-Zelensky talks, with focus now turning to a possible meeting between the Ukrainian leader and Russian President Putin. Read more here.

LOWCOUNTRY, S.C. (WCIV) — The average price of gas dropped slightly this week continuing a downward trend as Labor Day approaches. According to GasBuddy's survey of 3,028 stations in South Carolina, gas dropped 2.7 cents per gallon in the last week, averaging at about $2.72 per gallon at the pump Monday.

Oil prices settled 1% higher on Monday after talks between U.S. President Donald Trump and his Ukrainian counterpart in the wake of an inconclusive U.S.-Russia summit in Alaska on Friday.

The return of previously curtailed oil production by OPEC+ members is killing U.S. shale growth, with industry executives referring to it as a “price war” to the Financial Times.