Brent crude oil futures rose on Friday morning as market attention turned to proposed peace talks between the US and Russia concerning Ukraine, alongside the upcoming OPEC+ meeting scheduled for Sunday.
As of 9:56 AM on Friday, February Brent oil futures were priced at $63.03, reflecting an increase of 0.25 percent. Meanwhile, December crude oil futures were trading at ₹5,292 on the Multi Commodity Exchange (MCX), up 0.04 percent from the previous close of ₹5,290. January futures, however, saw a slight decline, trading at ₹5,281 compared to the last close of ₹5,284, down by 0.06 percent.
On Thursday, Russian President Vladimir Putin expressed his willingness to engage in talks with the US regarding a potential peace plan for Ukraine. However, he emphasized that Russia is prepared to continue fighting if necessary.
Putin made these remarks in Bishkek after a summit with leaders from a coalition of former Soviet republics. He mentioned that the ongoing discussions had not resulted in a draft agreement but had instead focused on various issues. He outlined that the US and Ukraine had opted to segment the 28 points of the peace plan into four distinct components, stating, “In general, we agree that this could be the basis for future agreements. We see that the American side takes into account our position.” He noted that some matters still required further discussion.
Market analysts believe that a constructive outcome from the peace talks could potentially lead to the lifting of sanctions on Russian crude oil, which may enhance supplies to global markets.
Additionally, market participants are closely monitoring the upcoming virtual meeting of OPEC+ members. Although OPEC+ is anticipated to maintain a pause in output increases through the first quarter of 2026, analysts speculate that the group may concentrate on long-term assessments of the production capacities among its member nations.
In other commodities, December zinc futures on the MCX were priced at ₹300.70 during the initial trading hour on Friday, up 0.53 percent from the previous close of ₹299.10. On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹10,400, marking an increase of 0.72 percent from the prior close of ₹10,326. Conversely, December turmeric (farmer polished) futures were trading at ₹14,326, down 0.84 percent from the previous close of ₹14,448.
Published on November 28, 2025.
