Oil falls 2% on looming supply glut, hopes of Ukraine peace deal
Oil falls 2% on looming supply glut, hopes of Ukraine peace deal
December 26, 20251:05 PM MSTUpdated 4 hours ago
- Summary
- Oil heading for largest annual decline since 2020
- Global crude supply glut looms over investors
- Russia-Ukraine peace proposals in focus
HOUSTON, Dec 26 (Reuters) – Oil prices settled more than 2% lower on Friday as investors weighed a looming global supply glut, while also keeping an eye on a potential Ukraine peace deal ahead of talks this weekend between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.
Brent crude futures settled down $1.60 or 2.57% to $60.64 per barrel. U.S. West Texas Intermediate (WTI) crude settled down $1.61 or 2.76% to $56.74.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Advertisement · Scroll to continue
While supply disruptions have helped oil prices
