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Investing.com-- Oil prices were steady in Asian trading on Friday as investors weighed U.S.-led efforts to advance a Russia-Ukraine peace framework and awaited a key OPEC+ meeting this weekend to gauge the supply outlook for early 2026.
As of 21:27 ET (02:27 GMT), Brent Oil Futures expiring in January was muted at $63.35 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.6% to $59.02 per barrel.
Both contracts were set to gain over 1% for the week, aided by growing chances of a Federal Reserve rate cut next month.
US-led Ukraine peace push in focus
Washington has been working with Kyiv on a revised framework aimed at bringing the nearly four-year conflict to a negotiated end.
The proposal, discussed in Geneva in recent days, is designed to lay out a path for phased security guarantees and territorial arrangements that Western officials hope could eventually serve as the basis for broader talks with Moscow.
Any credible progress could ease sanctions-linked constraints on Russian oil exports over time, removing part of the geopolitical risk premium embedded in crude prices.
Russian President Vladimir Putin said this week that the U.S.-Ukraine text could form the basis of a future agreement, though he stressed that no final draft had been approved and reiterated that Moscow would not offer major concessions.
U.S. special envoy Steve Witkoff is expected to visit Moscow next week. The trip, which the Kremlin says will include senior U.S. officials, could add modest downward pressure on prices by reducing perceived supply risks, though many doubt a near-term breakthrough.
OPEC+ meeting looms
With geopolitical developments still fluid, attention has shifted to the weekend OPEC+ meeting, where the producer group is widely expected to avoid raising output.
Delegates have signaled the alliance may instead focus on implementing a long-planned capacity review mechanism as it tries to balance rising non-OPEC supply with still-uneven global demand.
"The fundamental outlook remains fairly similar to where it was at the group’s last meeting," ING analysts said in a note.