Crude Oil Prices Dip, Geopolitical Tensions Persist
Update: 2025-12-13
Description
Crude oil prices experienced a minor dip, with WTI crude and RBOB gasoline both falling, due to abundant global supplies and a narrowing crack spread. Natural gas prices also plummeted due to warmer weather forecasts. Geopolitical tensions, including US interceptions of sanctioned oil tankers off Venezuela and ongoing conflict between Russia and Ukraine, are providing some support for crude prices. OPEC Plus decided to maintain production levels in the first quarter of 2026, despite a forecast for a global oil surplus, as they work to restore previous production cuts.
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