Oil Edges Higher as Ukraine Peace Push Stalls, Forecasts Turn Lower

Overview

• Brent for February settled at $63.26 a barrel and U.S. WTI for January closed at $59.67 on December 4.
• A roughly five-hour Kremlin meeting between Vladimir Putin and senior U.S. envoys yielded no agreement, leaving prospects for easing sanctions on Russian oil unchanged.
• Fitch cut its 2025–2027 oil price assumptions, projecting Brent to average $69 in 2025 and $63 in 2026–27, with WTI at $64 in 2025 and $58 in 2026–27.
• U.S. EIA data showed stock builds for the week to November 28, including crude up 574,000 barrels, gasoline up 4.52 million and distillates up 2.1 million.
• Analysts said Ukrainian strikes on Russian oil assets and ongoing sanctions add episodic supply risk, while broad supply growth caps rallies as traders watch potential Fed rate cuts.