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Oil Prices 29 December 2025 - 3 January 2026

Oil prices start 2026 near $60 after worst annual slump since 2020, with OPEC+ in focus

Oil prices start 2026 near $60 after worst annual slump since 2020, with OPEC+ in focus

Oil prices settled slightly lower on the first trading day of 2026 after Brent and U.S. crude posted their biggest annual loss since 2020, each falling nearly 20% in 2025, as investors weighed oversupply concerns and looked to a policy meeting on Sunday by OPEC+, the group of OPEC and allied producers such as Russia. Brent futures closed down 10 cents at $60.75 a barrel and U.S. West Texas Intermediate fell 10 cents to $57.32; Brent logged its third straight annual decline, its longest losing streak on record. “Oil prices are locked in this long-term trading range,” said Phil Flynn, senior analyst at Price Futures Group. Reuters
3 January 2026