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Brent crude oil futures were little changed on Friday as investors eyed the progress of the Russia-Ukraine peace talks and the outcome of the OPEC+ meeting on Sunday for clues on potential changes in supply which has been weighing on prices.

Front month Brent crude futures, which expire on Friday, was unchanged at $63.34 a barrel by 0134 GMT in thin trade after settling up 21 cents on Thursday. The more-active February contract was at $62.85, down 2 cents.

U.S. West Texas Intermediate crude was at $59.00 a barrel, up 35 cents, or 0.60%. There was no settlement on Thursday due to the Thanksgiving holiday in the U.S.

Both contracts are headed for a fourth straight monthly loss, the longest losing streak since 2023, as rising global supply weigh on prices.

Investors are eyeing talks for a Russia-Ukraine peace deal led by Washington that may lift Western sanctions off Russian oil and lead to higher global supply that will depress prices.

Russian President Vladimir Putin said on Thursday that outline draft peace proposals discussed by the United States and Ukraine could become the basis of future agreements to end the conflict in Ukraine, but that if not Russia would fight on.

Putin added that Trump’s special envoy Steve Witkoff plans to visit Moscow early next week.

Ukrainian President Volodymyr Zelenskyy said on Thursday that Ukrainian and U.S. delegations are to meet this week to work out a formula discussed at talks in Geneva to bring peace and provide security guarantees for Kyiv.

“After several false dawns, participants are reluctant to position aggressively until concrete progress — or a breakdown materializes,” IG markets analyst Tony Sycamore said in a note.

On Sunday, OPEC+ is likely to leave oil output levels unchanged at its meetings and to agree on a mechanism to assess members’ maximum production capacity, two delegates from the group and a source familiar with OPEC+ talks told Reuters.

Brent and WTI are set to close this week with a more than 1% gain on hopes that the Federal Reserve will cut interest rates, which could lift economic growth and oil demand.

A drop in the number of oil rigs operating in the U.S. to a four-year low this week has also supported prices.

The U.S. dollar was heading for its worst weekly performance since late July on Friday as traders ramped up bets for further monetary easing from the Federal Reserve next month, while liquidity was thinned by the U.S. Thanksgiving holiday.

The dollar index, which measures the greenback’s strength against a basket of six major peers, was last trading up 0.1% at 99.624, recovering some ground after five days of decline pushed it to its worst one-week loss since July 21.

U.S. Fed funds futures are pricing an implied 87% probability of a 25-basis-point cut at the Federal Reserve’s next policy meeting on December 10, compared to a 39% chance a week earlier, the CME Group’s FedWatch tool showed.

The yield on 10-year Treasury bonds was last up 0.8 basis point at 4.0037%, rebounding after five days of decline that saw the 4% threshold briefly crossed twice.

In Asia, the Japanese yen fluctuated between gain and loss after a period of decline.

It was last trading 0.1% weaker at 156.385 yen as labor market and inflation data firmed up the case for monetary easing in Asia’s second-biggest economy, against a backdrop of persistent weakness in the currency that have led to prospect of intervention from the Ministry of Finance.

The currency had briefly edged higher on news that consumer prices in Tokyo rose 2.8% in November, slightly faster than economists had expected and exceeding the Bank of Japan’s 2% target.

“With the labor market still tight and inflation excluding fresh food and energy set to remain above 3% for now, the Bank of Japan will resume its tightening cycle over the next couple of months,” analysts from Capital Economics wrote in a research report. “The upshot is that the case for tighter monetary policy remains intact.”

The yen is on track for a third month of decline as Prime Minister Sanae Takaichi sets out a 21.3 trillion yen ($135.40 billion) stimulus package, while the Bank of Japan has held off hiking interest rates even as inflation runs above target.

The euro stood at $1.1600, little changed so far in Asia, as Ukraine’s President Volodymyr Zelenskyy on Thursday said Ukrainian and U.S. delegations are to meet this week to work out a formula discussed at talks in Geneva to end war with Russia and provide security guarantees for Kyiv.

Sterling was 0.1% weaker at $1.323 so far on the day, heading for its best weekly performance since early August, after Britain’s finance minister, Rachel Reeves, revealed plans to raise taxes by 26 billion pounds ($34 billion) on Wednesday.

Reeves fought back on Thursday against criticism of spending plans, which will fund extra welfare spending by raising the country’s tax burden to a post-World War Two high.

The Australian dollar fetched $0.6536, up 0.1% in early trade, after data showed private sector credit increased 0.7% in October compared with the previous month, accelerating slightly from the prior month’s print.

The offshore yuan traded at 7.074 yuan per U.S. dollar, steady in early Asian trade and on track for its best monthly performance since August.

The kiwi traded at $0.5725, edging 0.1% weaker at the end of its biggest one-week surge since late April.