Oil prices start the new year on a rise
Istanbul, Jan. 2 (Hibya) – Oil prices started the new year on a positive note after markets assessed the upcoming OPEC+ talks involving Russia and the Organization of the Petroleum Exporting Countries (OPEC), as well as ongoing geopolitical developments, following the largest annual decline in five years.
Benchmark Brent crude futures rose to $61.1 on the first trading day of 2026, while West Texas Intermediate (WTI) crude futures climbed to $57.7.
OPEC+ is set to meet virtually on January 4, and the group is expected to maintain its November agreement to suspend production increases. Meanwhile, the U.S. administration stepped up pressure on Venezuela’s energy sector by targeting China- and Hong Kong-based companies and vessels allegedly bypassing export restrictions, while geopolitical developments continued in the background.
In a separate development, tensions between Russia and Ukraine escalated during the New Year period, with reciprocal attacks on Black Sea port facilities damaging key energy infrastructure.
On the other hand, data from the U.S. Energy Information Administration (EIA) showed that U.S. crude oil inventories fell by 1.934 million barrels last week, marking the largest weekly decline since mid-November and exceeding expectations of a 0.9 million-barrel drop.
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