Oil prices tumble 4% this week—here's why it matters

Business Dec 13, 2025

Oil prices slid 4% this week, landing Brent crude at $61.12 and US West Texas Intermediate at $57.44 per barrel.
The main reasons? There's just too much oil on the market right now, and talk of a potential peace deal between Russia and Ukraine has eased supply worries.

What else is shaping the oil market?

Even with the US cracking down on Venezuelan oil and Ukrainian drones hitting Russian oil rigs, traders are mostly focused on global supply trends.
The International Energy Agency expects a big surplus in 2026, while OPEC thinks supply and demand will match closely—so there's some debate about where things are headed next.