Brent Crude Approaches $59

2025-12-16 14:44 By Joana Taborda 1 min. read

Brent crude futures fell 2% to approach $59 a barrel, the lowest level since early 2021, extending year-to-date losses to around 20% and marking the worst annual performance since 2018.

Expectations that the war in Ukraine could move toward an end have raised the prospect of eased restrictions on Russian oil flows, limiting potential supply disruptions in an already well-supplied market.

Elevated supply has weighed on prices throughout the year, as OPEC+ producers restored previously idled output while non-OPEC producers, particularly in the Americas, continued to boost production.

At the same time, economic data from China have pointed to ongoing weakness in the world’s second-largest economy, clouding the demand outlook.

However, downside risks were partly offset by the possibility of US military action in Venezuela after the Trump administration detained a supertanker last week.



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