Global oil prices are experiencing their longest monthly losing streak in over two years. Traders are closely monitoring the upcoming OPEC+ meeting this weekend while assessing developments in the U.S.-led efforts to resolve the Ukraine conflict.

West Texas Intermediate (WTI) crude is trading near $59 per barrel, slightly above Wednesday's pre-Thanksgiving closing price. Brent crude is trading above $63 per barrel.

WTI, the U.S. crude benchmark, is poised for its fourth consecutive monthly decline in November - marking the longest monthly losing streak since Q1 2023.

OPEC+ representatives indicate the group will hold a virtual meeting on Sunday, with expectations leaning toward maintaining plans to pause production increases until early 2026. If confirmed, the meeting's primary focus may shift to long-term assessments of member countries' oil production capacities.