Oil prices dipped on the first day of trade in 2026 after registering their biggest annual loss since 2020 as investors weighed oversupply concerns against geopolitical risks including the war in Ukraine and
Oil prices dipped on the first day of trade in 2026 after registering their biggest annual loss since 2020 as investors weighed oversupply concerns against geopolitical risks including the war in Ukraine and Venezuela exports.
Brent crude futures lost 51 cents to $60.34 a barrel by 1350 GMT on Friday while U.S. West Texas Intermediate crude was down 52 cents at $56.90.
Russia and Ukraine traded allegations of attacks on civilians on New Year's Day despite talks overseen by U.S. President Donald Trump that are aimed at bringing an end to the nearly four-year-old war.
Kyiv has been intensifying strikes against Russian energy infrastructure in recent months, aiming to cut off Moscow's sources of financing for its military campaign in Ukraine.
Elsewhere, the Trump administration's efforts to increase pressure on Venezuelan President Nicolas Maduro continued with Wednesday's imposition of sanctions on four companies and associated oil tankers that it said were operating in Venezuela’s oil sector.
In the Middle East, a crisis between OPEC producers Saudi Arabia and the United Arab Emirates over Yemen has deepened after flights were halted at Aden's airport on Thursday. This came before a virtual meeting between the OPEC+ group comprising the Organization of the
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