British News Agency

Amid Russia–Ukraine peace initiatives, Brent crude oil futures fell below $63 per barrel, while West Texas Intermediate (WTI) crude futures retreated to $58 per barrel on Thursday, giving back part of the more-than-1-percent gain recorded in the previous session.

Market analysts note that the special envoy of U.S. President Donald Trump is traveling to Russia next week for talks, and that, if progress is made, crude oil sanctions imposed on Russia could be lifted. While doubts persist about the prospects for a quick agreement, it is also emphasized that even in the event of a deal, it will take time for Russian shipments to increase.

Meanwhile, investors are also watching the upcoming meeting of the Organization of the Petroleum Exporting Countries and Russia (OPEC+), scheduled for next weekend. The group recently suspended planned additional production increases for the first quarter of next year.

Crude oil remains under pressure from expectations of oversupply as production continues to outpace demand, with prices posting a fourth consecutive monthly decline in November – the longest losing streak since 2023.