Oil prices fell for a second day on Wednesday as investors waited to see if peace talks in the Russia-Ukraine war could open up more supply.Oil prices were steady on Friday, supported by stalled Ukraine peace talks, though gains were offset by expectations of a supply glut.Brent crude rose 41 cents, or 0.65%, to $63.67 per barrel by 10:07 a.m ET. U.S. West Texas Intermediate rose 36 cents, or 0.6%, to $60.03 a barrel."It is quite flat today and this week had a narrow trading range," said Tamas Vargas, an oi ...

Core Insights - Saudi Arabia is expected to reduce the official selling price (OSP) of its Arab Light crude for Asia in December by $1.20 to $1.50 per barrel, leading to a premium over the Oman/Dubai benchmark dropping to a multi-month low of $0.70 to $1.00 per barrel [2][3] - The price cut comes amid increasing supply and weaker Middle Eastern benchmark prices, although demand for non-Russian supply in India and China may limit the extent of the reductions [1][6] - The pricing announcement will follow an OPEC+ meeting, where a slight increase in total production quota is anticipated, potentially by 137,000 barrels per day [5] Pricing Dynamics - The OSP for Saudi crude in November remained unchanged from October, reflecting OPEC+'s strategy to manage production amid concerns of oversupply [3] - The expected price cut for December is part of a broader trend, as other Saudi grades are also likely to see reductions [2][3] Market Influence - Saudi Arabia's pricing decisions set the tone for other major oil producers in the Middle East, impacting approximately 9 million barrels per day of exports from the region [4] - The uncertainty surrounding Russian oil supply to India and China, due to U.S. sanctions on major Russian oil companies, may affect the overall pricing strategy [6]