Oil prices slightly rose on Friday as investors awaited an OPEC+ decision on output strategy while monitoring peace efforts between Moscow and Kyiv.
International benchmark Brent crude was trading at $63.06 per barrel at 09.36 a.m. local time (06.36 GMT), up 0.4% from the previous close of $62.83.
US benchmark West Texas Intermediate (WTI) remained unchanged at $58.96 compared to the prior session.
Efforts to advance a peace framework for the Russia-Ukraine war, expectations around an upcoming OPEC+ meeting, and projections of a US interest rate cut in December drove volatility in oil prices.
Russian President Vladimir Putin confirmed on Thursday that a meeting between Russian and Ukrainian officials took place last week in Abu Dhabi, the capital of the United Arab Emirates, at the initiative of Kyiv.
Speaking at a news conference in Bishkek, Kyrgyzstan's capital, Putin said the meeting was attended by "a US administration representative" and that the event took place at Kyiv's initiative.
Putin said the US has informed Moscow it would send a delegation in the first half of the coming week, adding that its composition is "solely Washington's decision."
He said that following negotiations between the American and Ukrainian delegations in Geneva, the parties decided to divide the proposal into four distinct parts.
These developments have reinforced expectations that sanctions-driven restrictions on Russian oil exports could be loosened, reducing geopolitical risk premiums and allowing Russian supplies to reach global markets more steadily — a scenario that could add downward pressure on prices.
Meanwhile, eight OPEC+ member states — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — are scheduled to meet online on Sunday to review production strategy.
The group agreed on Nov. 2 to raise output by 137,000 barrels per day in December and to pause further increases in the first quarter of 2026.
The absence of major policy changes is seen as supportive for prices, as stable supply outlooks help ease market uncertainty.
Market sentiment is also underpinned by expectations that the US Federal Reserve will deliver a rate cut in December, a move anticipated to bolster economic growth and oil demand.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
