Crude Oil Prices Steady on Friday Amid Russia-Ukraine Talks and OPEC+ Watch

Brent crude oil futures were largely unchanged on Friday as investors focused on the progress of Russia-Ukraine peace talks and the upcoming OPEC+ meeting. Front-month Brent futures, set to expire Friday, held steady at $63.34 a barrel by 0134 GMT in thin trading after gaining 21 cents on Thursday. 

The more-active February contract was slightly down at $62.85. U.S. West Texas Intermediate crude rose 0.60% to $59.00 a barrel, after no settlement on Thursday due to the U.S. Thanksgiving holiday.

Four-Month Decline Continues

Both Brent and WTI are on track for a fourth consecutive monthly loss, the longest decline since 2023, as rising global oil supply continues to weigh on prices. Analysts attribute this trend to oversupply concerns amid steady production levels from major oil-producing nations.

Impact of Russia-Ukraine Peace Talks

Investors are closely monitoring Washington-led peace negotiations between Russia and Ukraine, which could potentially ease Western sanctions on Russian oil. A resolution could increase global supply, putting further pressure on prices. Russian President Vladimir Putin indicated that draft peace proposals discussed by the U.S. and Ukraine might form the basis for future agreements, though he warned that Russia would continue fighting if talks fail.

Upcoming Developments

Ukrainian President Volodymyr Zelenskiy confirmed that Ukrainian and U.S. delegations will meet this week to work out a framework discussed in Geneva for peace and security guarantees. Additionally, U.S. envoy Steve Witkoff is expected to visit Moscow early next week, signaling continued diplomatic engagement.

Also Read:Commonwealth Games 2030: Sectors and Stocks in Focus Ahead of the Global Sporting Event!

Conclusion

Crude oil prices remain subdued as global markets weigh potential changes in supply from both geopolitical developments and OPEC+ decisions. Investors are keeping a close eye on peace talks and policy signals that could influence market direction in the near term.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.