Oil prices fall amid Ukraine peace talks, OPEC+ outlook
Oil prices declined on Thursday as investors monitored US-led efforts to end the war in Ukraine and prepared for an OPEC+ meeting this weekend.
Brent crude slipped below $63 a barrel after rising 1% on Wednesday, while West Texas Intermediate (WTI) hovered near $58, News.Az reports, citing Bloomberg.
US presidential envoy Steve Witkoff is set to lead a delegation to Russia next week, prompting traders to assess whether a deal could be reached and its potential impact on crude flows.
OPEC and its allies will meet on November 30. Eight members of the group earlier decided to pause further output increases in the first quarter of next year, following rapid supply ramp-ups in 2025.
Crude is on track to record a fourth consecutive monthly decline in November, marking the longest losing streak since 2023. Prices have been pressured by a potential supply surplus and recent diplomatic developments in Ukraine. However, many oil traders and investors caution that any peace deal would need to translate into tangible flows of Russian crude to influence the market.
“A Ukraine-Russia peace deal only matters if it shows up in real barrels,” said Haris Khurshid, chief investment officer at Karobaar Capital LP.
Trading on Thursday may be muted due to the Thanksgiving holiday in the United States.
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