Core Insights - Oil prices experienced a decline due to investor anticipation regarding the potential for increased supply from peace talks in the Russia-Ukraine conflict [1] - The market is currently influenced by opposing factors: stalled peace negotiations provide a bullish outlook, while resilient OPEC production offers a bearish counterbalance [2] - A significant majority of economists predict a 25-basis-point interest rate cut by the U.S. Federal Reserve, which could stimulate economic growth and energy demand [3] Oil Market Dynamics - Oil prices were steady, with Brent crude rising to $63.67 per barrel and U.S. West Texas Intermediate reaching $60.03 per barrel, supported by the lack of progress in peace talks [1] - The geopolitical situation, particularly tensions with Venezuela and the potential for U.S. military action, could impact oil prices significantly [4] - Rystad Energy highlighted that U.S. actions against Venezuela could threaten the country's crude oil production of 1.1 million barrels per day, primarily exported to China [5] OPEC and Production Factors - OPEC+ has decided to maintain steady production levels until early next year, providing some support for oil prices amidst oversupply concerns [4] - Saudi Arabia has reduced its January Arab Light crude selling prices to Asia, marking the lowest level in five years due to oversupply conditions [6]