WASHINGTON (dpa-AFX) - Oil eased on the first trading day of 2026 after capping its biggest annual drop since 2020.
Benchmark Brent crude futures were down 0.2 percent at $60.74 a barrel, with an upcoming OPEC+ meeting and geopolitical concerns in focus. WTI crude futures dipped 0.2 percent to $57.30.
Traders weighed potential supply concerns against escalating geopolitical tensions.
Traders await Sunday's virtual meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) for direction, given persistent supply concerns.
It is expected that the group will uphold its November decision to pause further production increases amid concerns that the global market is already slipping into oversupply.
On the geopolitical front, Russia claimed that Ukraine has killed at least 24 people, including a child, in a drone attack on a hotel and cafe in a Russian-controlled part of Ukraine's southern Kherson region, where New Year celebrations were taking place. Ukraine maintained it does not target civilians.
Elsewhere, the U.S. Treasury Department has reportedly imposed sanctions on four oil traders operating in Venezuela, as well as associated crude tankers allegedly part of a so-called 'shadow fleet.'
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
