Oil prices dipped in early Asian trade as hopes for a Russia-Ukraine peace deal grew and ahead of a key OPEC+ meeting. WTI fell 0.55% to $58.33, while Brent dropped 0.48% to $62.83. Recent gains were attributed to short covering and technical buying. Analysts warn of oversupply with a surplus projected for 2026.

Progress in the Russia-Ukraine peace deal and potential unlocked Russian crude supply weigh on prices. Hopes for increased demand exist, but the longer-term outlook leans towards oversupply. The upcoming OPEC+ meeting adds uncertainty as market participants await signals on production quotas. Current expectations suggest output policy will likely remain unchanged.

Trading may thin during Thanksgiving with crude vulnerable to further downside without a clear demand catalyst. Despite seasonal factors and softer U.S. rates, the market remains cautious. The OPEC+ meeting outcome will be closely monitored for any potential impact on prices and supply levels.

Read more at Yahoo Finance: Oil Prices Slip on Peace Deal Progress