Global oil prices are still trending lower and are now heading for their longest monthly decline in more than two years. West Texas Intermediate (WTI) is hovering around $59 per barrel, slightly above Wednesday's close before the Thanksgiving holiday in the US, while Brent is holding above $63 per barrel. The US oil benchmark is already on track for its fourth consecutive monthly decline in November, the longest since the first quarter of 2023. This price pressure reflects market concerns about demand and future supply policies.

Meanwhile, market participants' attention is also focused on this weekend's OPEC+ meeting, which will be held virtually on Sunday. Several delegates have indicated that the oil producer group is likely to stick to its plan to delay production increases in early 2026. With the main decisions more or less in the cards, the meeting's focus is expected to shift to discussing each member's long-term capacity, including how much oil they can and are willing to pump to the market in the coming years.

Geopolitical factors are also influencing price sentiment. Russian President Vladimir Putin stated that US President Donald Trump's proposal to end the war in Ukraine could form the basis for a future peace agreement, suggesting there is room for negotiations. Meanwhile, Washington continues to push for an end to the conflict, with US Presidential envoy Steve Witkoff scheduled to visit Moscow next week. For the oil market, any sign of a potential de-escalation in the Ukraine conflict could mean a reduced risk of supply disruptions, ultimately curbing oil price gains. (az)

Source: Newsmaker.id