Oil edged lower as investors tracked US-led efforts to end the war in Ukraine, while looking ahead to an OPEC+ gathering this weekend.
West Texas Intermediate traded near $58 a barrel after rising more than 1% on Wednesday, while Brent settled just above $63. With US presidential envoy Steve Witkoff set to lead a delegation for talks in Russia next week, traders are weighing whether a deal can be struck and the implications for crude flows.
OPEC and its allies, meanwhile, are set to meet Nov. 30. Eight of the group's members decided earlier this month to pause further output increases in the first quarter of next year, after ramping up supplies at speed over 2025.
Trading on Thursday may be muted with the Thanksgiving break in the US.
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Prices:
WTI for January delivery dipped 0.3% to $58.47 a barrel at 7:27 a.m. in Singapore.
Brent for January settlement closed 1% higher at $63.13 a barrel.
Source: Bloomberg
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