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Oil edges higher following biggest annual loss since 2020

By Florence Tan SINGAPORE, Jan 2 (Reuters) - Oil prices edged up on the first day of trade in 2026 after last year posting their biggest annual loss since 2020, as Ukrainian drones targeted Russian oil facilities and a U. S. blockade pressured Venezuela's exports. Brent crude futures climbed 14 cents on Friday to $60.99 a barrel by 0146 GMT, while U. S.

Oil edges higher following biggest annual loss since 2020

Credit: Livemint

Key Highlights

  • West Texas Intermediate crude was at $57.56 a barrel, up 14 cents.
  • Russia and Ukraine have traded allegations of attacks on civilians on New Year's Day despite the intensive talks overseen by U. S.
  • President Donald Trump that are aimed at bringing an end to the nearly four-year-old war.
  • Kyiv has been intensifying strikes against Russian energy infrastructure in recent months, aiming to cut off Moscow's sources of financing for its military campaign in Ukraine.
  • And in the latest action by President Trump's administration to increase pressure on Venezuelan President Nicolas Maduro, Washington on Wednesday imposed sanctions on four companies and associated oil tankers it said were operating in Venezuela’s oil sector.
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Sources

  1. Oil edges higher following biggest annual loss since 2020

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

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