Brent little changed as investors zoom in on Russia-Ukraine talks, OPEC+

SINGAPORE: Brent crude oil futures were little changed on Friday as investors eyed the progress of the Russia-Ukraine peace talks and the outcome of the OPEC+ meeting on Sunday for clues on potential changes in supply which has been weighing on prices.

Front month Brent crude futures , which expire on Friday, was unchanged at $63.34 a barrel by 0134 GMT in thin trade after settling up 21 cents on Thursday. The more-active February contract was at $62.85, down 2 cents.

U.S. West Texas Intermediate crude was at $59.00 a barrel, up 35 cents, or 0.60%. There was no settlement on Thursday due to the Thanksgiving holiday in the U.S.

Both contracts are headed for a fourth straight monthly loss, the longest losing streak since 2023, as rising global supply weigh on prices.

Investors are eyeing talks for a Russia-Ukraine peace deal led by Washington that may lift Western sanctions off Russian oil and lead to higher global supply that will depress prices.

Russian President Vladimir Putin said on Thursday that outline draft peace proposals discussed by the United States and Ukraine could become the basis of future agreements to end the conflict in Ukraine, but that if not Russia would fight on.

Putin added that Trump’s special envoy Steve Witkoff plans to visit Moscow early next week.

Ukrainian President Volodymyr Zelenskiy said on Thursday that Ukrainian and U.S. delegations are to meet this week to work out a formula discussed at talks in Geneva to bring peace and provide security guarantees for Kyiv.

“After several false dawns, participants are reluctant to position aggressively until concrete progress — or a breakdown materialises,” IG markets analyst Tony Sycamore said in a note.

On Sunday, OPEC+ is likely to leave oil output levels unchanged at its meetings and to agree on a mechanism to assess members’ maximum production capacity, two delegates from the group and a source familiar with OPEC+ talks told Reuters.

Brent and WTI are set to close this week with a more than 1% gain on hopes that the Federal Reserve will cut interest rates, which could lift economic growth and oil demand.

A drop in the number of oil rigs operating in the U.S. to a four-year low this week has also supported prices.