Overview
- Crude futures dipped on Thursday after a brief rebound, with traders pricing a reduced war premium on expectations that a ceasefire could ease sanctions and unlock Russian barrels.
- U.S. envoy Steve Witkoff is due in Moscow next week as part of talks on a potential peace plan, after Volodymyr Zelenskiy said only a few points remain, though a senior Russian diplomat signaled no major concessions.
- The EIA reported a 2.8 million‑barrel U.S. crude build for the week ending Nov. 21, contradicting the API’s earlier draw estimate and adding to near‑term bearish pressure.
- Baker Hughes said active U.S. oil rigs fell by 12 to 407, a four‑year low that suggests slower production growth even as inventories rise.
- OPEC+ is widely expected to keep output steady at the Nov. 30 meeting, while analysts note China’s ongoing crude stockpiling continues to absorb discounted supply.