Crude oil prices climbed alongside global equities, recovering from a one-month low. Earlier optimism from the White House about a potential Russia-Ukraine peace deal—which could reintroduce Russian oil into an already oversupplied market—had initially pressured prices lower.

WTI rose 1.2%, settling above $58 per barrel and recouping most of the prior session's losses. Trading volumes remained subdued due to the U.S. Thanksgiving holiday on Thursday.

A Kremlin official confirmed that Steve Witkoff, a special envoy of U.S. President Trump, will lead a delegation to Russia next week for talks aimed at ending the nearly four-year conflict. Ukraine’s presidential chief of staff noted that Geneva negotiations had laid a "solid foundation." However, any peace deal still faces familiar hurdles: terms acceptable to Ukraine often prove unacceptable to Russia, and vice versa.

Much of Russia’s oil and fuel exports remain under strict Western sanctions, with U.S. restrictions on two major Russian producers taking effect last week.

"Market expectations have largely priced in minor adjustments to the proposed peace deal among the U.S., Russia, Ukraine, and the EU," wrote Standard Chartered analysts, including Emily Ashford. "Positive signals of cooperation or consensus tend to trigger short-term sell-offs, while fading optimism supports prices."

Meanwhile, the U.S. Energy Information Administration (EIA) reported a 2.8 million-barrel rise in crude inventories last week, alongside increases in gasoline and distillate stockpiles—failing to ease oversupply concerns.

Goldman Sachs warned that a peace agreement could lower its base-case forecast for Brent crude by about $5 per barrel in 2020, from the current $56 projection.

WTI January futures gained 1.2% to settle at $58.65 per barrel. Brent January futures rose 1% to $63.13 per barrel.