Benchmark crude oil prices fell slightly on December 25 amid low trading activity due to the Christmas holidays in the US, Europe, and several Asian countries, Report informs referring to trading data.
February Brent crude oil futures on London's ICE Futures Exchange fell $0.14 (0.2%) to $62.24 per barrel. WTI crude oil futures for February on the New York Mercantile Exchange (NYMEX) fell $0.03 (0.05%) to $58.35 per barrel.
According to analysts, expectations of a growing global oil supply glut next year are holding back price increases.
Meanwhile, oil prices this year could record their largest annual decline since 2020 – more than 18%.
On Thursday, stock exchanges in the US, most European countries, and several Asian countries are closed due to Christmas celebrations.