Global oil prices remained largely unchanged on Wednesday as investors assessed risks of supply disruptions from Venezuela and Russia while weighing US economic growth, despite crude heading for its steepest annual decline since 2020.
As of 7:18 AM EST on Wednesday, December 24, 2025, Brent crude futures fell 23 cents, or 0.4%, to $62.15 per barrel, while US West Texas Intermediate (WTI) crude dropped 8 cents, or 0.2%, to $58.29.
Both benchmarks have rebounded roughly 6% since hitting near five-year lows on December 16.
Tony Sycamore, an analyst at IG, noted, "What we've seen over the past week is position adjustments amid thin trading conditions, as last week’s price breakdown failed to sustain, while escalating geopolitical tensions—including US sanctions on Venezuela—along with last night’s strong GDP data provided support."
US data showed the world’s largest economy grew at its fastest pace in two years during the third quarter, driven by robust consumer spending and a sharp rebound in exports.
Despite this, Brent and WTI are still on track for annual declines of about 16% and 18%, respectively—the steepest drop since 2020 when the pandemic crushed oil demand—as supply is expected to outpace demand next year.
Haitong Futures highlighted in a report that supply disruptions in Venezuela remain the most significant factor pushing prices higher, while ongoing attacks on energy infrastructure between Russia and Ukraine also support the market.
Earlier this month, the US seized the supertanker "Skipper" and took action against two additional vessels over the weekend, leaving more than a dozen crude-laden ships stranded in Venezuela awaiting new instructions from owners.
Dennis Kissler, senior vice president of trading at BOK Financial, said, "Volatile holiday trading appears to be the norm, with US sanctions on Venezuela becoming the focal point ahead of the weekend break."
Additionally, two market sources indicated on Wednesday that Kazakhstan’s oil exports via the Caspian Pipeline Consortium (CPC) will drop by a third in December—the lowest level since October 2024—after Ukrainian drone strikes damaged facilities at CPC’s key export terminal.
Market sources cited American Petroleum Institute (API) data showing US crude inventories rose by 2.39 million barrels last week, while gasoline and distillate stocks increased by 1.09 million and 685,000 barrels, respectively.
Due to the Christmas holiday, the US Energy Information Administration (EIA) will delay its official inventory report until next Monday.
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