Ukraine Peace Talks Stall, OPEC+ Production Keeps Oil Prices Steady

Oil prices held steady on Friday due to stalled Ukraine peace talks and supply outlook. Brent crude was down by 7 cents, or 0.1%, to $63.19 per barrel, while U.S. West Texas Intermediate dipped 10 cents, or 0.2%, to $59.57 a barrel.

The market is assessing the impact of possible U.S. Fed rate cut and tensions with Venezuela, which could boost oil prices. A Reuters poll showed that 82% of economists expect a 25-basis-point interest rate reduction at next week's Federal Reserve policy meeting.

Anh Pham, a senior research specialist at LSEG, noted that a peace deal with Russia would bring more barrels to the market and likely push prices down. However, any geopolitical escalation will drive prices higher.