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At the same time, U.S. West Texas Intermediate (WTI) crude traded at $57.9 a barrel on the last day of 2025 and is also moving toward its steepest annual drop since 2020 due to oversupply worries.

Investors are currently monitoring the upcoming OPEC+ meeting, geopolitical developments and the U.S. inventory report. OPEC+ is expected to maintain its plan to halt supply increases in the first quarter of 2026 at its meeting on Sunday.

Geopolitical factors continue to support prices, including the U.S. blocking Venezuela’s oil shipments, renewed instability in the Middle East, and ongoing uncertainty over a potential Russia-Ukraine peace deal.

Meanwhile, the American Petroleum Institute (API) estimated that U.S. crude oil inventories rose by 1.7 million barrels last week.

Brent has fallen more than 1% so far in December and is heading for its fifth consecutive monthly loss, down around 18% for the year. WTI has also declined about 1% in December, marking its fifth monthly loss, and is down roughly 20% this year.

Expectations of a significant surplus in 2025, driven by rising output from OPEC members and non-OPEC producers including Russia, along with weak demand growth, have gradually pushed prices lower.