HOUSTON: Oil settled marginally lower on Wednesday, and prices were on course for their steepest annual decline since 2020 as investors weighed US economic growth and assessed the risk of supply disruptions from Venezuela ‌and Russia. Brent crude futures closed down 14 cents, or 0.2%, at US$62.24 a ⁠barrel, while US West Texas Intermediate crude eased 3 cents, or 0.05%, to US$58.29. Both contracts have gained about 6% since December 16, when they plunged ​to near five-year lows. US crude inventories rose by 2.39 million barrels last week, while gasoline stocks increased by 1.09 million barrels and distillate inventories rose by 685,000 barrels, market sources said, citing American Petroleum Institute figures on Tuesday. The US Energy Information ‍Administration is due to release official inventory data on Monday, later than usual due to the Christmas holiday.

Source: The Star December 25, 2025 03:05 UTC