Oil Prices Rise as Russia-Ukraine Peace Talks Drag On; WTI Frozen After CME Outage

PUKMEDIA

Oil prices.

Brent crude futures edged higher on Friday as prolonged Russia-Ukraine peace negotiations kept geopolitical risks elevated, while traders awaited Sunday’s OPEC+ meeting for signals on potential production decisions.

U.S. West Texas Intermediate (WTI) crude, however, remained frozen following a system outage at exchange operator CME Group.

According to Reuters, front-month Brent crude – expiring on Friday – rose 24 cents, or 0.38%, to $63.58 a barrel at 0452 GMT, after gaining 21 cents in the previous session. The more actively traded February contract stood at $63.10, up 23 cents.

WTI was fixed at $59.08 a barrel, up 43 cents, or 0.73%. There was no settlement on Thursday due to the U.S. Thanksgiving holiday.

Both benchmarks are on track for a fourth consecutive monthly decline, the longest losing streak since 2023, as expectations of higher global supply continued to pressure prices.

Oil fell sharply earlier in the week amid signs of progress in Russia-Ukraine peace talks, but has clawed back losses over the past three sessions as negotiations stretched on. Brent and WTI are now poised to end the week more than 1% higher.

Russian President Vladimir Putin said on Thursday that outline draft peace proposals discussed by the U.S. and Ukraine could form the basis of an eventual agreement to end the conflict, but warned that Russia would continue fighting if no deal is reached. He also noted that Donald Trump’s special envoy, Steve Witkoff, is expected in Moscow early next week.

Ukrainian President Volodymyr Zelenskiy said Ukrainian and U.S. delegations will meet this week to refine a peace and security framework discussed during talks in Geneva.

Oil prices also drew support from expectations that the U.S. Federal Reserve may cut interest rates next month, boosting economic activity and energy demand. A decline in the number of active U.S. oil rigs – now at a four-year low – added further support.

OPEC+ is widely expected to keep output levels unchanged at its Sunday meetings and agree on a mechanism to assess members’ maximum production capacity, according to delegates and a source familiar with the discussions.



PUKMEDIA