CRUDE WRAP: WTI (F6) SETTLES USD 0.41 HIGHER AT 60.08/BBL; BRENT (G6) SETTLES USD 0.49 HIGHER AT USD 63.75/BBL

Analysis details (19:31)

Crude extended on recent gains driven by a lacklustre US/Russia meeting aimed at finding a resolution on the Russia-Ukraine war. Market-moving headlines were absent to end the week as newsflow dried up with Russia's Kremlin saying Moscow is waiting for the US reaction after the Putin-Witkoff meeting; no plan for Putin-Trump call for now, they said. Energy updates included discounts for Russian ESPO blend crude oil delivered to China, widening to USD 5-6/bbl vs ICE Brent due to falling demand; Russia planning to boost oil exports from western ports by 27% M/M in December; and the G7 and EU discussing imposing a full ban on accessing maritime services by Russia to disrupt oil exports (all via Reuters). WTI and Brent hit highs of USD 60.50/bbl and USD 64.09/bbl, respectively, but trimmed around half of the gains into settlement. Meanwhile, the weekly Baker Hughes rig count saw drillers add oil and natgas rigs for the fourth time in five weeks: Oil +6 at 413, natgas -1 at 129, total +5 at 549.

05 Dec 2025 - 19:31- EnergyGeopolitical- Source: Newsquawk