HOUSTON (Dec 27): 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 US President Donald Trump. US West Texas Intermediate (WTI) crude settled down US$1.61 or 2.76% to US$56.74. The global oil supply next year will exceed demand by 3.84 million barrels per day, according to figures from the Paris-based IEA's December oil market report. Eyes on Russia-Ukraine peace processInvestors are watching for developments in the Russia-Ukraine peace process and the possible impact on future oil prices, as a peace agreement could lead to the removal of international sanctions against Russia's oil sector. For the oil price, "the negatives remain of elevated global oil storage, and slight progress on Ukraine-Russia peace talks", said Dennis Kissler, senior vice president of trading at BOK Financial.

Source: The Edge Markets December 27, 2025 01:46 UTC