Oil prices can withstand Trump's Venezuela pressure
Digest more
Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets.
18hon MSN
Why 2025 has been such a historic year for oil — with prices set to finish near a 5-year low
The world has more oil than it needs, but a drop in crude prices this week to the lowest level in nearly five years may help slow production and boost demand.
"The administration is pushing for $40 per barrel crude oil, and with tariffs on foreign tubular goods, [input] prices are up, and drilling is going to disappear," one survey respondent said. "The oil industry is once again going to lose valuable employees."
Russian crude prices are at their lowest since the war in Ukraine began, as sanctions deepen the discounts the nation’s oil industry needs to offer and benchmark futures tumble.
Oil prices slid on Monday as investors balanced disruptions linked to escalating U.S.-Venezuelan tensions with oversupply concerns and the impact of a potential Russia-Ukraine peace deal.
Wall Street lacked clear direction on Tuesday, as mixed labor market data failed to ignite a fresh wave of risk-on sentiment.
Investment banks and the U.S. Energy Information Administration forecast a significant oil market oversupply in 2026, driven by weak demand and rising production, predicting average crude prices will drop below $60 per barrel.
Oil prices were on track Tuesday to settle at their lowest since early 2021 as weak economic data from the U.S. and China dulled the outlook for energy demand. China's factory output growth slowed to a 15-month low in November,
President Donald Trump will deliver a televised speech Wednesday evening that is expected to focus heavily on the economy, an effort to reverse declining public opinion numbers and the view even among some supporters that he has not lived up to key campaign promises.
Feedback