Oil edges up but Brent on course for longest stretch of annual losses in 2025

Oil prices were little changed on Wednesday but are set to fall more than 15% for 2025, as supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela. Brent crude futures, down nearly 18% - the most substantial annual percentage decline since 2020 - are on track for a third straight year of losses, their longest-ever losing streak. The March contract, which expires on Wednesday, rose 11 cents to $61.44 a barrel at 0451 GMT. BNP Paribas commodities analyst Jason Ying expects Brent to dip to $55 a barrel in the first quarter before recovering to $60 a barrel for the rest of 2026 as supply growth is expected to normalise while demand stays flat. “The reason why we’re more bearish than the market in the near term is that we think that US shale producers were able to hedge at high levels,” he said.