Oil prices held steady in Asian trading on Friday as investors assessed U.S. efforts to advance a Russia–Ukraine peace framework and looked ahead to a key OPEC+ meeting this weekend. Markets are watching the gathering for clues on the supply outlook heading into early 2026.
By 21:27 ET (02:27 GMT), Brent crude for January delivery traded flat at $63.35 per barrel, while West Texas Intermediate (WTI) rose 0.6% to $59.02 per barrel.
Both benchmarks were positioned to finish the week more than 1% higher, supported by increasing expectations of a Federal Reserve rate cut next month.
U.S.-Led Ukraine Peace Efforts in Focus
Washington is coordinating with Kyiv on a revised peace framework aimed at moving the nearly four-year conflict toward a negotiated resolution. The proposal, recently discussed in Geneva, outlines phased security guarantees and territorial arrangements. Western officials hope it could eventually form the basis for broader talks with Moscow.
Any meaningful progress could gradually ease sanctions-related limits on Russian oil exports. This would reduce part of the geopolitical risk premium currently reflected in crude prices.
Russian President Vladimir Putin noted that the U.S.–Ukraine outline could serve as the foundation for a future agreement. However, he emphasized that no final text has been approved and reiterated that Moscow will not accept major concessions.
U.S. special envoy Steve Witkoff is set to travel to Moscow next week. The visit, which will include senior American officials, may apply slight downward pressure on crude prices by reducing perceived supply risks. Still, most analysts doubt a breakthrough is imminent.
OPEC+ Meeting in the Spotlight
With geopolitical developments still evolving, attention has shifted to the upcoming OPEC+ meeting. The producer alliance is widely expected not to increase output.
Delegates have suggested the group may instead prioritize implementing a long-planned capacity review mechanism. This approach reflects the challenge of managing rising non-OPEC supply against uneven global demand.
“The fundamental outlook remains similar to the group’s last meeting,” ING analysts wrote in a note.
