Brent crude futures continued to trade under pressure on Friday, slipping to $62.87 per barrel, as the oil market faces a fourth consecutive monthly loss, the longest streak in over two years.
The market’s cautious tone reflects persistent oversupply concerns, driven by OPEC+ members resuming production capacity and increased output from non-OPEC producers.
Geopolitics also played a role in Friday’s trading. Russian President Vladimir Putin indicated that proposals from President Trump to end the Ukraine war could provide a framework for future agreements and hinted at readiness for negotiations.
A breakthrough could lift sanctions on Russian crude, potentially easing supply constraints for key buyers. However, analysts remain skeptical that an immediate deal is imminent, and even if one materializes, Russian shipments may take time to return to full capacity.
Traders now turn their attention to Sunday’s virtual OPEC+ meeting, where the group is expected to maintain its plan to pause output increases in early 2026. Discussions may instead focus on a long-term review of production capacity among member countries.
Despite Friday’s modest 0.53% uptick, Brent remains down 2.25% over the past month and 13.14% compared to the same period last year, reflecting ongoing market caution and global supply concerns.
