Oil prices tumble to lowest since May, on pace for biggest annual decline in 7 years

https://www.cnbc.com/2025/12/16/crude-oil-prices-today.html?__source=reddit|main

by cnbc_official

17 comments

  1. U.S. crude oil on Tuesday hit the lowest level since May, putting prices on pace for the worst performance in seven years as traders factor in a looming surplus and the possiblity of a peace agreement in Ukraine.

    West Texas Intermediate hit $55.69 per barrel while Brent touched $59.42, the lowest level for the benchmarks since May 5.

    The U.S. benchmark has lost about 22% this year for its worst performance since 2018. The global benchmark has shed nearly 20% for its worst year since 2020.

    Read more at the link.

  4. Yet, in the UK a windfall tax still applies to take back supposedly excessive profits

  6. The economy must not be doing very well, demand destruction from EVs would not happen that quickly, specially since woke countries are still developing

  7. a number of gas stations near me have closed. 

    makes it a little less convenient to own a gas guzzler  

  11. They still make billions at these lower prices and our gubmint will endlessly subsidize them, as long as oil money flows into politician’s pockets. It’s a grand circlejerk.

    Sorry oilers and coalers, but I’ve gone solar electric, it fuels my house, car and even my lawn tools. I’m saving significant money every month, the utility price hike in August didn’t affect me and when utility power is interrupted, we don’t notice.

    They will continue to tell me that Solar Energy is not feasible, until they figure out a way to put a meter on sunlight. Solar is very feasible and it’s way less expensive than fossil fuels. My neighbors are noticing. Four of them have installed solar panels and batteries since. More of them are also seeing the “light”.

  12. Mainly oversupply and opec raising production targets

    Demand for crude still grew 2024 -> 2025

  15. Is that a good thing.. im old enough to have lived through several of these cycles. Spoiler; gasoline/oil can get too cheap. The over correction back up sucks!

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