Oil Prices Slip as Peace Hopes Temper Market Ahead of Weekend Talks

Oil futures settled lower on Friday as markets looked ahead to expected discussions between U.S. President Donald Trump and Ukraine’s President Volodymyr Zelensky on potential peace efforts in the Russia-Ukraine conflict.

“There are hopes that there could be a possible cease-fire between Russia and Ukraine from the New Year,” said Phil Flynn of the Price Futures Group. He noted that oil prices appear to be “building a base at these lower levels,” even as upside momentum remains limited.

Flynn added that incoming cold weather could lend some near-term support, while stronger-than-expected U.S. GDP suggests oil demand could reach record highs.

WTI crude settled down 2.8% at $56.74 a barrel, but still posted a 0.4% gain for the week. Brent crude fell 2.6% to $60.64, ending the week 0.3% higher.