Overnight & Singapore Window: Brent Rises to $63.17/bbl

The Feb’26 Brent futures contract has risen this morning, from $62.42/bbl at 06:00 GMT to $63.17/bbl at 10:00 GMT (time of writing). In the news, peace talks between the US and Russia failed to deliver a breakthrough, as Russian President Vladimir Putin intensified threats towards Europe ahead of the negotiations. Putin claimed that Russia was “ready” for war, according to CNBC. Russian presidential aide Yuri Ushakov told reporters that the 5-hour late-night meeting had centred on a US-backed peace plan, though no compromise was reached. Elsewhere, the European Union has reached an agreement to phase out Russian gas by 2027; according to Reuters, the deal includes a gradual reduction in LNG and pipeline gas imports, which will result in a full ban. In China, Bloomberg has reported that China’s polyethene production could rise by 18% this year; this increase is expected to substantially surpass the anticipated demand growth of 10% . The Bloomberg report further outlined growing concerns over a supply glut in the coming months. Elsewhere, the American Petroleum Institute (API) has estimated that US crude oil inventories declined by 2.5mb for the week ending 26 November. US crude inventories, thus far, are showing a net gain of roughly 5mb for the year. In Pakistan, local media have reported that the country has signed five agreements for oil and gas exploration with both private and state-owned companies. These deals will develop three offshore and two onshore blocks. Finally, the front-month Feb/Mar’26 and 6-month Feb/Aug’26 spreads are at 40.45/bbl and $0.91/bbl, respectively.