FX.co ★ Oil Falls as Focus Remains on Ukraine Talks

West Texas Intermediate (WTI) crude oil futures slipped toward $58 per barrel on Thursday, retracing part of the over 1% gain recorded the day before. This movement comes as investors scrutinize supply dynamics amidst ongoing peace efforts between Russia and Ukraine. In an effort to push negotiations forward, a U.S. presidential envoy is scheduled to visit Russia next week. Should these talks succeed, sanctions on Russian crude may be lifted. However, there remains skepticism about the likelihood of an imminent resolution, with some suggesting any agreement will take time to translate into increased Russian shipments. Additionally, market participants are eagerly awaiting signals from an upcoming OPEC+ meeting this weekend, following the group's recent decision to suspend additional output hikes planned for the first quarter of the coming year. Crude prices are headed for a fourth consecutive monthly decline in November — the longest reduction streak since 2023 — driven by expectations of a supply surplus as production continues to outstrip demand.