Brent crude futures fell about 0.1 percent to $92.70 a barrel by 09:09 local time, after closing the previous session at $92.76. WTI December futures traded at $86.50. Diplomatic efforts between Russia and Ukraine, an increase in OPEC output and a rise in US crude inventories all weighed on prices.
Diplomacy weighs on prices
Russia, the United States and Ukraine held two days of trilateral talks to end the war and discuss post-war security arrangements. US President Donald Trump said: “We see a very strong tendency to end the conflict between Russia and Ukraine.”
Ukrainian President Volodymyr Zelenskyy said Ukraine had proposed halting attacks on energy infrastructure and a maritime ceasefire. He said no conclusion was reached because the Russian delegation lacked decision-making authority.
Separately, the Zaporizhzhia Nuclear Power Plant, controlled by Russia since March 2022, reported an employee killed in an attack on Energodar attributed to the Ukrainian army. Brent had touched an intraday high of $94.73 in the previous session before easing back.
Supply and inventory pressure
OPEC+ output rose in October, adding to downward pressure on prices. The American Petroleum Institute estimated US commercial crude inventories rose by 9 million barrels in the latest week, well above market expectations for a 1 million barrel decrease.
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Technically, Brent faces resistance at $96.27 a barrel and support at $87.94.
