Brent crude prices held steady on Friday as investors monitored developments in Russia-Ukraine peace efforts and awaited the outcome of Sunday’s OPEC+ meeting for signals on future supply levels that have recently pressured the market.
PSX Extends Bullish Rally as KSE-100 Surges Over 1,400 Points
Front-month Brent crude futures, set to expire on Friday, remained unchanged at $63.34 per barrel by 0134 GMT in thin trading, after gaining 21 cents in the previous session. The more actively traded February contract slipped by 2 cents to $62.85.
U.S. West Texas Intermediate (WTI) crude traded at $59.00 a barrel, up 35 cents, or 0.60%. There was no settlement on Thursday due to the U.S. Thanksgiving holiday.
Both benchmarks are on track for a fourth consecutive monthly loss — their longest losing streak since 2023 — amid rising global supply that continues to weigh on prices.
Market participants are closely watching Washington-led negotiations on a potential Russia-Ukraine peace deal that could ease Western sanctions on Russian oil, potentially boosting global supply and further pressuring prices. Russian President Vladimir Putin said on Thursday that draft peace proposals discussed with the United States and Ukraine could form the basis of a future agreement, though he warned Russia would continue fighting if talks fail. He also noted that Trump’s special envoy, Steve Witkoff, will visit Moscow next week.
Meanwhile, Ukrainian President Volodymyr Zelenskiy confirmed upcoming meetings between Ukrainian and U.S. delegations to refine a peace framework discussed earlier in Geneva.
“After several false dawns, participants are reluctant to position aggressively until concrete progress — or a breakdown — materialises,” said Tony Sycamore, analyst at IG Markets.
OPEC+ is expected to keep production levels unchanged at Sunday’s meeting while agreeing on a mechanism to assess members’ maximum output capacity, according to delegates familiar with the discussions.
Despite broader concerns, Brent and WTI are poised to end the week over 1% higher, supported by expectations of potential interest rate cuts by the U.S. Federal Reserve and a decline in operating U.S. oil rigs to a four-year low.
