Oil prices ticked up on Thursday in a low-volume session, with traders balancing hope vs. skepticism over renewed Russia–Ukraine negotiations.
Market Snapshot
- Brent crude: $63.34 (+0.3%)
- WTI: $58.94 (+0.5%)
- Volumes remained thin due to the U.S. Thanksgiving holiday.
Geopolitics in Focus
Russia signaled that the U.S.–Ukraine draft peace outline could form the basis for future agreements. However, Kyiv remains wary of proposals requiring territorial concessions, keeping markets cautious.
Barclays noted that ceasefire hopes are offsetting supply concerns after new U.S. sanctions on Russian producers.
OPEC+ Outlook
Sources indicate the group is likely to:
- Keep output unchanged at Sunday’s meeting.
- Maintain paused production hikes through Q1 2026.
- Introduce a new mechanism to assess members’ maximum output capacity.
Macro Tailwinds
Expectations of a December Fed rate cut continue supporting crude demand.
Analysts see WTI trading between $56.80–$60.40 into year-end amid thin liquidity and limited catalysts.