Oil Prices Moderated as U.S., Russia, Ukraine Hold Talks
Oil prices moderated on Thursday as concerns about a potential supply glut and easing geopolitical risks weighed on the market, with talks among the US, Russia and Ukraine in focus.
International benchmark Brent crude futures for January delivery fell to $92 a barrel, down from the previous close of $92.76.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery decreased 0.2% to $86.35 a barrel, down from $86.53 at the previous close.
Diplomatic efforts to end the Russia-Ukraine war have eased the risk premium in oil markets. Russia, the US and Ukraine held trilateral talks in Abu Dhabi on Nov. 10-11.
US envoys arrived in Russia on Thursday to meet with President Vladimir Putin after talks in Abu Dhabi on the war in Ukraine, with both Washington and Kyiv suggesting there was a window of opportunity for progress on ending Europe’s worst conflict since World War II.
The envoys — US President Donald Trump’s son-in-law Jared Kushner and businessman Steve Witkoff — will fly to Dublin after meeting with Putin to debrief his Ukrainian counterpart, Volodymyr Zelensky, who was in the Irish capital to meet with European leaders.
“Welcoming Steve and Jared to Moscow,” Putin’s special representative Kirill Dmitriev posted on X, accompanied by a video of the pair arriving at Moscow’s Vnukovo Airport.
Kushner said the meeting with Putin would “go over what was discussed” during two days of talks this week in Abu Dhabi, and to seek progress “because we see some openings and some opportunities”.
Arriving in Ireland late Wednesday, Zelensky also said there could be a “window of opportunity” to end the war with Russia before 2027.
Trump described the talks as making very positive progress, while Ukrainian President Volodymyr Zelenskyy said discussions on a possible leaders-level summit were continuing.
Meanwhile, higher OPEC+ output and rising US crude inventories have fueled concerns about a potential supply glut.
OPEC’s daily crude oil production rose 1.97 million barrels in October from 25.19 million barrels to 27.16 million barrels, while total OPEC+ output rose 2.04 million barrels to 41.23 million barrels.
The American Petroleum Institute (API) estimated that US commercial crude inventories rose about 9 million barrels last week, against market expectations of a 1 million barrel decline.
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