Oil prices fell by more than $1 a barrel 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
Oil prices fell by more than $1 a barrel 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 fell $1.13 or 1.82% to $61.11 per barrel by 1:14 p.m. EDT. U.S. West Texas Intermediate (WTI) crude fell $1.13 or 1.94% to $57.22.
While supply disruptions have helped oil prices rebound in recent sessions from their near five-year low on December 16, they are on track for their steepest annual decline since 2020. Brent and WTI are down 18% and 20% respectively on the year, as rising crude output caused concerns of an oil glut heading into next year.
"Geopolitical premiums have provided near-term price support, but have not materially shifted the underlying oversupply narrative," Aegis Hedging analysts said in a note on Friday.
The global oil supply next year will exceed demand by 3.84 million barrels per day, according to figures from the Paris-based IEA's December oil market report.
EYES ON RUSSIA-UKRAINE PEACE PROCESS
Investors are watching for developments in the Russia-Ukraine peace process and the possible impact
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