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Oil Nudges Down as Supply Pressures Continue
SOURCE:Yahoo Finance
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.