Brent crude closed the year sharply lower—about $61.44/bbl and an 18% annual decline—driven by a supply glut, unexpected U.S. inventory builds, and persistent discounts on Russian crude despite tax relief. Temporary export disruptions from Kazakhstan provided only short-lived support.

Brent crude wavered this week as a U.S. blockade on Venezuelan tankers added a geopolitical premium while a rising U.S. rig count and persistent global oversupply kept downward pressure on prices.

Brent crude swung this week as a U.S. blockade of Venezuelan tankers raised supply risk while renewed hopes of a Russia–Ukraine truce eased concerns about sanctioned barrels remaining offstream. Oversupply from rising U.S. output, OPEC+ flows and swelling inventories keep pressure on prices despite episodic geopolitical support. Traders are repositioning amid high volume and falling open interest; fundamentals point to continued volatility into early 2026.

Brent crude traded around the low $60s this week as a clash of bearish supply signals and episodic geopolitical risk created volatile but directionally weak sentiment. Trafigura's 'super glut' warning, U.S. inventory draws, Ukrainian strikes on Russian oil infrastructure, falling Russian export revenues, and Platts' benchmark decisions combined to shape traders' positioning. This article synthesizes those concrete drivers, their price impacts, and the specific data points investors should monitor in the near term.

Brent crude rose after OPEC+ kept output steady while hopes of a Ukraine ceasefire and rising U.S. inventories pushed prices lower earlier in the week. New OPEC+ quota rules and mixed supply signals create a tug-of-war for near-term traders and long-term investors.

Brent crude slipped to about $62–63 as a wave of demand shifts and record inventory builds pressured prices. India’s sharp reduction of Russian purchases, fresh IEA/EIA inventory data and bearish forecasts from major banks have created a near‑term tug of war between technical short‑covering and structural oversupply.