Oil prices start 2026 near $60 after worst annual slump since 2020, with OPEC+ in focus
Brent crude settled at $60.75 a barrel and U.S. WTI at $57.32 on January 3, after both benchmarks fell nearly 20% in 2025, marking Brent’s third consecutive annual loss. Traders are focused on an OPEC+ meeting this weekend as banks warn oversupply could keep prices near five-year lows in 2026.