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Oil falls 2% on looming supply glut
The Sunday Guardian
|December 28, 2025
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 USS.
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.
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 19% and 21% respectively on the year, as rising crude output caused concerns of an oil glut heading into next year.
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