Oil futures rose as the war in Ukraine gives no signs of relenting, while markets expect the Fed to cut interest rates next week, supporting economic growth.

Oil futures were up midday Thursday, supported by ongoing concerns over potential disruptions to Russian supply and a lack of progress in the Russia-Ukraine peace talks. As of 11:45 a.m. ET, the NYMEX January West Texas Intermediate contract was trading 89cts higher at $59.84/bbl, while the February WTI contract was up 92cts to $59.58/bbl.

Crude oil futures rose after OPEC confirmed at its meeting that it will pause production increases in next year's Q1, with WTI and Brent crude both +1.5% at $59.45/bbl and $63.32/bbl.

Oil prices rose as much as 1.5 per cent on Monday after OPEC+ members reaffirmed a plan to pause production increases in the first quarter of next year and the prospect of U.S. action against oil producer Venezuela unsettled the market.

Oil prices climbed for a second straight session on Tuesday as traders evaluated escalating geopolitical risks, including Ukrainian drone strikes on Russian energy facilities and growing friction between the U.

Higher palm oil imports by India, the world's largest buyer of vegetable oils, could help top producers Indonesia and Malaysia reduce their stocks and support benchmark Malaysian palm oil futures, while putting pressure on US soyoil futures.

The Canadian dollar strengthened against its U.S. counterpart on Wednesday as oil prices rose and domestic data showed productivity rebounding in the third quarter.