London: Oil prices fell today, poised to close 2025 with a decline exceeding 15 percent after a year in which persistent oversupply overshadowed geopolitical turmoil, tariff increases, rising OPEC+ production, and sanctions on major producers.

According to Oman News Agency, Brent crude futures are down roughly 18 percent for the year-their steepest annual drop since 2020-and are on track to log their third consecutive yearly loss. This would mark the longest losing streak in the benchmark’s history. The front-month March Brent contract, expiring today, edged down five cents to $61.28 per barrel.

US West Texas Intermediate (WTI) crude dipped three cents to $57.92 per barrel and is set to post an annual decline of approximately 19 percent.

Data from the London Stock Exchange Group indicates the 2025 average price for both major crude benchmarks is the lowest since 2020, underscoring a sustained period of weakness in the global oil market.