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In the post-Christmas trading session, West Texas Intermediate (WTI) crude oil futures dipped to approximately $57.8 per barrel. The market's response was influenced by promising developments in the protracted Ukraine peace discussions, potentially paving the way for increased Russian oil flow into an already oversupplied global market. Ukrainian President Volodymyr Zelenskiy expressed his anticipation to converse with US President Donald Trump regarding the resolution of the conflict, while reports from Moscow highlighted the Kremlin's assessment of peace proposals and ongoing communication with US officials. This news countered earlier market support driven by US measures targeting Venezuelan oil exports and a military action in Nigeria. Despite recent geopolitical factors and positive US economic data, WTI is on track for its most significant annual decline since 2020, with a drop of approximately 18%. Major market participants largely anticipate a global oil surplus in the upcoming year due to increased production from both within and beyond the OPEC+ alliance.
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