Brent crude oil futures traded below $63 per barrel on Friday, heading for a fourth consecutive monthly loss, the longest streak in more than two years, pressured by oversupply concerns. Forecasts of a global glut grew as OPEC+ resumed capacity and producers outside the group increased output. Meanwhile, President Putin said President Trump’s proposals for ending the Ukraine war could underpin future agreements and signaled readiness for talks. A breakthrough could lift sanctions on Russian crude and release restricted supplies to key buyers. Still, many doubt a deal will come soon, and even if it does, Russian shipments are expected to take time to ramp up. Traders are now eyeing Sunday’s virtual OPEC+ meeting, where the group is expected to maintain its plan to pause output increases in early 2026. The focus may instead shift to a long-term review of members’ capacity.