RoydadNaft –  The future price of Brent crude climbed by 0.24 dollars (0.38 percent) to reach $63.58 per barrel. The futures price of U.S. West Texas Intermediate (WTI) crude rose by 0.43 dollars (0.73 percent), arriving at $59.08 per barrel.

Brent crude futures edged up slightly on Friday, reaching $63.58 per barrel. This increase — equivalent to 0.24 dollars or 0.38 percent — was largely driven by the ongoing Russia–Ukraine peace negotiations and increasing geopolitical risks. Meanwhile, U.S. WTI crude futures trading was halted due to a technical failure in the data-center cooling system at the Chicago Mercantile Exchange (CME), affecting all futures and options contracts. As a result, WTI prices remained at $59.08 per barrel (up 0.43 dollars, or 0.73 percent). 

Both benchmarks are on track to record their fourth consecutive monthly loss since 2023 — the longest downward streak since then. This slump is mainly attributed to expectations of rising global supply, which have put pressure on prices. Nonetheless, signs of a potential rapprochement in Ukraine, which had previously triggered a sharp drop in prices, have partially reversed that decline over the past three sessions; both indexes appear set to close the week up more than 1 percent. 

According to Sugandha Sachdeva, founder of the research firm SS WealthStreet in New Delhi: “Although a final peace agreement between Russia and Ukraine — which could ease sanctions on Russian oil producers and boost global supply — remains unlikely, such an outcome is still distant.” 

Vladimir Putin, President of Russia, on Thursday welcomed the U.S.–Ukraine peace proposals as a basis for future agreements — but warned that Russia would continue to fight otherwise. He also announced that Steve Witkoff, a special envoy of Donald Trump, will travel to Moscow early next week. 

Volodymyr Zelensky, President of Ukraine, declared that delegations from Ukraine and the U.S. will meet this week to draft a formula for peace and security guarantees for Kyiv. Market analyst Tony Sycamore from IG noted in a comment: “After several false dawns, participants are now reluctant to adopt hardline positions unless a tangible breakthrough or a failure of talks materialises.” 

At the upcoming Sunday meeting of OPEC+, production levels are expected to remain unchanged, while a mechanism to assess the members’ maximum production capacity may be adopted — according to two group representatives and an informed source. 

Additionally, speculation over a possible interest rate cut by the Federal Reserve of the United States next month could boost economic growth and energy demand — which in turn could support oil prices. A further factor supporting prices is the recent drop in the number of oil rigs in the U.S. to its lowest level in four years.