Crude oil prices remained largely unchanged as investors awaited further developments in U.S.-led peace efforts for Ukraine and monitored the upcoming OPEC+ meeting this weekend.

Brent crude held above $63 per barrel, posting modest weekly gains amid thin trading due to the U.S. Thanksgiving holiday. Over the past two sessions, prices have seen significant volatility as market participants weighed White House optimism about a potential peace deal against persistent challenges that have derailed previous diplomatic efforts.

U.S. President's envoy Steve Witkoff is scheduled to lead a delegation to Moscow next week, though the situation remains uncertain. Russian President Vladimir Putin stated on Thursday that the American proposal could serve as a basis for agreement but noted some issues still require discussion.

In Bloomberg interviews, nearly 20 oil traders and investors expressed skepticism, with most either doubting a peace deal would materialize or believing any agreement would take time to boost Russian crude supplies.

Meanwhile, OPEC+ will convene on November 30. Eight member nations had earlier decided to pause additional production increases for Q1 2026, following their rapid supply expansion in 2025.

Crude oil is poised for its fourth consecutive monthly decline in November - the longest losing streak since 2023. Prices have been pressured by surplus concerns amid faster supply growth than demand, compounded by recent diplomatic maneuvers around Ukraine.

"Geopolitical volatility persists, while hopes for a Russia-Ukraine ceasefire are offsetting supply worries stemming from potential new U.S. sanctions on major Russian producers," wrote Barclays analyst Amarpreet Singh. "Even a diplomatic breakthrough would unlikely translate to materially higher Russian output before 2026."

At 1:30 PM New York time, January Brent futures were flat at $63.34 per barrel, with the contract expiring Friday. WTI January futures traded at $59.09 per barrel.