RoydadNaft –  Crude oil prices dipped in Thursday morning trading on December 6, 1404 (November 27, 2025), amid market expectations of a potential ceasefire in the Ukraine war and the gradual return of Russian oil supplies to the global market.

According to Roydad Naft, futures for Brent crude oil fell 33 cents (0.5%) to $62.81 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures declined 32 cents (0.6%) to $58.39 per barrel.

The market anticipates that the upcoming trip by Steve Witkoff, the U.S. special envoy, to Moscow for talks on a Ukraine peace plan could raise the likelihood of lifting or easing Western sanctions on Russian energy exports—an outcome that would further boost global supply in a market already grappling with a surplus.

Priyanka Sachdeva, senior analyst at Philip Nova, said: “Oil edged lower this morning on hopes of progress in Ukraine peace talks and the unwinding of the war premium, but the market remains subdued and directionless due to the U.S. Thanksgiving holiday closure.”

On the other hand, expectations for a Federal Reserve interest rate cut in December have somewhat cushioned the price drop, as lower rates typically bolster economic growth and oil demand.

OPEC+ is expected to maintain its current production policy unchanged at its Sunday (December 9) meeting. Some members of the group have ramped up output since April to capture a larger market share.

ING analysts wrote in their daily note: “The oil market is caught between two opposing forces: potential progress in Russia-Ukraine peace talks, which would mean more oil supply, and optimism over U.S. rate cuts that would boost demand.”

Today’s trading volume is extremely low due to the U.S. markets’ closure for Thanksgiving, raising the risk of sudden swings in the final hours.