WTI Crude Slips as Markets Await Clarity on Russia Talks and OPEC+ Signals

WTI crude oil futures fell toward $58 per barrel on Thursday, giving back part of Wednesday’s 1% rebound as traders searched for clearer direction on global supply dynamics amid ongoing Russia-Ukraine peace efforts.

A U.S. presidential envoy is set to visit Russia next week, and any breakthrough could eventually lead to sanctions on Russian crude being lifted. However, analysts remain cautious: negotiations are unlikely to deliver an immediate deal, and even with an agreement, Russian oil flows would take time to recover.

Market focus is also turning to the OPEC+ meeting this weekend, where traders hope for fresh guidance after the alliance recently paused additional output increases that were scheduled for early 2025.

WTI is heading for its fourth consecutive monthly decline in November, the longest losing streak since 2023, as expectations of a supply surplus persist — with global production continuing to run ahead of demand.