Oil in Worst Monthly Run Since 2023 With OPEC+, Ukraine in Focus

Bloomberg.com · last updated November 27, 2025 – 4:33 PM

Oil headed for the longest run of monthly losses in more than two years, as traders looked ahead to an OPEC+ meeting this weekend and gauged US-led efforts to end the conflict in Ukraine.

West Texas Intermediate traded near $59 a barrel, narrowly above Wednesday’s close heading into the Thanksgiving break, while Brent settled above $63. The US crude benchmark is on course for a fourth monthly drop in November, the longest such streak since the first quarter of 2023.

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