Oil prices firmed on Thursday as renewed Ukrainian strikes on Russian oil infrastructure raised supply concerns, while stalled peace talks tempered expectations of any deal that could restore Russian flows to global markets. Brent crude rose 41 cents, or 0.65 per cent, to $63.08 at 0659 GMT, and US West Texas Intermediate (WTI) gained 45 cents, or 0.76 per cent, to $59.40, though weak fundamentals kept gains limited. Ukraine hit the Druzhba pipeline in Russia's Tambov region for the fifth time, though operators in Russia and Hungary said flows to Hungary and Slovakia continued normally. Consultancy Kpler said Ukraine's drone campaign had entered a sustained, coordinated phase, pushing Russian refining throughput down to around 5 million barrels per day between September and November, a year-on-year drop of 335,000 barrels per day. Prices were also supported by signs that Ukraine peace efforts were stalling after US President Donald Trump's representatives reported no breakthroughs in talks with the Kremlin. Analysts said crude was likely to remain range-bound as peace discussions drag on. Fitch Ratings cut its 2025-2027 oil price assumptions, citing persistent oversupply and production growth expected to exceed demand. Attribution: Reuters
