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Overview
- U.S. WTI for February settled at $57.32 a barrel, down 0.17%, while March Brent closed at $60.75, down 0.16%.
- Caution dominated trading ahead of the January 4 OPEC+ meeting, where ministers will set near‑term production guidance.
- The International Energy Agency expects an oil surplus of roughly 4 million barrels per day in 2026, pressuring prices.
- Forex.com analysts say crude begins the year under a two‑year downtrend from September 2023 highs, keeping sentiment weak.
- Geopolitical developments, including Venezuela’s openness to U.S. counternarcotics talks and tensions linked to Ukraine and Yemen, are being monitored for potential supply effects.