6 hours ago

Oil Nudges Down as Supply Pressures Continue

Oil nudges down as traders close out a year in which oversupply fears pushed the commodity lower, despite ongoing geopolitical tensions.

Brent crude is down 0.35% at $61.12 a barrel, while WTI falls 0.4% to $57.74 a barrel. Oil prices rallied earlier this month after the U.S. announced a blockade on Venezuelan oil exports and on uncertainty that Russia-Ukraine peace talks would bear fruit.

However, advances in those talks reduced geopolitical premium, while oversupply concerns persist. Brent crude is down over 18% for the year, while WTI has dropped just shy of 20% in 2025.