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Oil prices were little changed on Thursday, with thin US Thanksgiving trading keeping moves subdued as the market balanced renewed Russia-Ukraine peace efforts with expectations that OPEC+ will hold production policy steady this weekend.

Brent crude futures settled up 21 cents, or 0.2%, at $63.34 a barrel, while WTI was closed for a US holiday.

Diplomatic discussions between the US, Ukraine and Russia continued to generate intraday swings, though most industry participants do not expect a quick breakthrough or any near-term recovery in Russian export volumes even if negotiations progress.

Focus now turns to the 30 November OPEC+ meeting, where members are widely expected to keep output unchanged. Key producers that raised supply earlier in the year have already agreed to pause further increases in the first quarter of 2026, reinforcing expectations of a steady outcome.

Crude remains on track for a fourth straight monthly decline, pressured by signs of an emerging surplus and year-end liquidity constraints. Expectations of a December US Federal Reserve rate cut are offering mild support, but analysts anticipate range-bound trade unless a clear catalyst emerges.

Written by: Aiman Haikal