Oil falls on drawn-out Ukraine peace talks, all eyes on upcoming OPEC+ meeting

Sunday, November 30, 2025 -Crude futures fell marginally as investors weighed oil’s geopolitical risk premium amid drawn‑out Russia–Ukraine peace talks, while also watching for signals from the upcoming OPEC+ meeting, which could influence future output levels.

Front‑month Brent crude futures settled lower, and U.S. West Texas Intermediate (WTI) crude also edged down. For both benchmarks, this marks a fourth consecutive month of decline — their longest losing streak since 2023 — as markets increasingly factor in oversupply concerns and lack of strong demand catalysts.

Although the easing of hostilities in Ukraine could ease sanctions on Russian oil and potentially increase supply, the market remains focused on how OPEC+ responds. 

The group is expected to maintain current production levels for now and discuss mechanisms for setting member quotas for 2027. That cautious stance — combined with rising U.S. oil output — has bolstered expectations of a 2026 supply surplus.