US EditionU.S. crude oil drops below $55 a barrel, hits lowest level since early 2021
U.S. crude prices dropped over 20% this year due to rising supply and easing geopolitical risks as peace talks in Ukraine reduce the oil market's geopolitical premium.
- On Dec 16, 2025, Brent crude fell below $60 a barrel, the lowest since May, as investor optimism about Russia‑Ukraine peace talks and oversupply hit markets after Donald Trump said Monday an agreement was 'closer than ever'.
- The Energy Information Administration said the market has been in surplus this year due to surging U.S. and Middle East production, while the International Energy Agency forecasts a 3.7 million barrels-per-day surplus in 2026.
- Brent futures fell 1.8% to $59.7 in morning trading, reflecting broad market selling and hitting a low since May, while U.S. WTI declined 2.5% to $55.32.
- The EIA forecasts U.S. oil will average $54 in Q1 2026 and $55 for all of 2026, with major banks trimming forecasts due to oversupply, indicating continued weakness.
- Despite sanctions, Russia continues exporting discounted oil to India and China, while analysts warn lifting sanctions could release reserves and flood the market, though expectations remain cautious.
60 Articles
60 Articles
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