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Crude prices eased slightly on Friday as investors reassessed the geopolitical risk premium in oil, balancing developments in Russia-Ukraine peace negotiations and a potential thaw in US-Venezuela relations while looking ahead to Sunday’s OPEC+ meeting for signs of future output policy.

Brent crude futures for January, which expired on Friday, settled 14 cents lower at $63.20 a barrel. 

WTI closed at $58.55 a barrel, down 10 cents.

Both benchmarks rose about 1% over the week but still logged their fourth consecutive monthly decline, the longest losing streak since 2023, as expectations of rising global supply continued to cap gains.

Oil prices had fallen sharply earlier in the week on indications that Russia and Ukraine were nearing a peace agreement, though the market has since stabilised as talks extended without a breakthrough. 

Meanwhile, US President Donald Trump and Venezuelan President Nicolás Maduro held a call last week to discuss a possible meeting, fuelling expectations of a diplomatic easing between Washington and Caracas. Any de-escalation with the oil-rich nation would likely remove a significant geopolitical premium from crude.

On Sunday, OPEC+ agreed to maintain current production levels for the first quarter of 2026, signalling a slower approach to reclaiming market share as the group navigates concerns over a potential supply surplus.

Written by: Farid Muzaffar