Crude oil futures were steady during Asian trade on Friday as investors focused on the progress of Russia-Ukraine peace negotiations and the upcoming OPEC+ meeting, both of which could influence the outlook for global supply and determine whether downward pressure on prices will persist.
By 3:35 pm AEDT (4:35 am GMT), Brent crude futures for February edged up 16 cents, or 0.3%, to US$63.03 a barrel. U.S. West Texas Intermediate (WTI) crude rose 43 cents, or 0.7%, to US$59.08.
Despite Friday’s modest gains, both benchmarks are on track for a fourth consecutive monthly decline as rising global supply continues to weigh on the market.
Concerns that additional volumes may hit the market have intensified as Washington leads a push for a Russia-Ukraine peace deal that could ultimately ease Western sanctions on Russian oil.
Russian President Vladimir Putin said on Thursday that draft peace proposals discussed between the United States and Ukraine could form the basis of a future settlement, though he warned Russia would continue fighting if an agreement is not reached.
He also confirmed that Donald Trump’s special envoy, Steve Witkoff, plans to visit Moscow early next week for further discussions.
Ukrainian President Volodymyr Zelenskyy said Ukrainian and U.S. delegations are set to meet this week to refine an agreement outlined in Geneva aimed at securing peace and establishing security guarantees for Kyiv.
Attention is also turning to Sunday’s OPEC+ meeting, where the group is expected to maintain current output levels and agree on a mechanism to assess members’ maximum production capacity, according to two delegates and a source familiar with the matter.
Despite broader supply concerns, Brent and WTI are both poised to end the week more than 1% higher, supported by hopes that the Federal Reserve will cut interest rates — a move that could bolster economic growth and in turn lift oil demand.
