Oil prices slipped on Thursday as growing expectations of a potential ceasefire deal between Ukraine and Russia raised the possibility that Western sanctions on Russian crude could be eased. A recovery in Russian supply would likely increase global output, putting downward pressure on prices.
Brent crude futures declined 21 cents (0.3%), trading at $62.92 per barrel as of 01:08 GMT. U.S. West Texas Intermediate (WTI) crude futures also fell 21 cents (0.4%) to $58.44 per barrel.
Analysts noted that trading volumes are expected to remain subdued throughout the day due to the Thanksgiving holiday in the United States, which typically limits market activity.
