Oil prices log steepest annual drop since 2020

Brent futures settled at US$60.85 a barrel, down 48 cents, or 0.8%. ⁠US WTI crude fell by 53 cents, or 0.9%, to settle at US$57.42 a barrel.

LONDON/NEW YORK: Oil prices fell on Wednesday and recorded an annual loss of nearly 20%, as expectations of oversupply increased in a year marked by wars, higher tariffs, increased Opec+ output and sanctions on Russia, Iran and Venezuela.

Brent crude futures shed about 19% in 2025, the most substantial annual percentage decline since 2020 and its third straight year of losses, the longest such streak on record. US West Texas Intermediate crude logged an annual decline of almost ‌20%.