Oil Prices Dip on Ukraine Peace Hopes

Oil prices edged lower in early Asian trading on Thursday, reflecting trader optimism over potential progress in Russia-Ukraine peace talks that could unlock additional Russian crude supplies, even as markets awaited signals from an upcoming OPEC meeting. Brent crude futures fell 0.4 percent to around $62.86 a barrel, while West Texas Intermediate dipped 0.5 percent to $58.33 a barrel, continuing a slide that has seen prices on track for a fourth consecutive monthly decline, the longest losing streak since 2023.

The downward pressure stems from expectations that a ceasefire could lead to the easing or lifting of sanctions on Russia, the world's second-largest oil producer, flooding global markets with more supply amid already ample inventories. Ukrainian President Volodymyr Zelensky announced that delegations from Ukraine and the United States would meet this week to refine a peace formula discussed in recent Geneva talks, emphasizing security guarantees for Kyiv. Russian President Vladimir Putin indicated that a draft plan under consideration by the U.S. and Ukraine could form the basis for ending the conflict, provided Ukrainian forces withdraw from certain areas; otherwise,...