Oil deepen losses, Brent closes below $61

Oil drilling rigs

Oil prices deepened their losses at the close of trading today, Dec. 15, as markets weighed supply disruptions linked to escalating tensions between the US and Venezuela against the potential oversupply that could result from an end to the war in Ukraine.

Brent crude futures for February 2026 delivery fell 0.92% or 56 cents to $60.56 a barrel. WTI crude futures for January 2026 delivery dropped 1.08% or 62 cents to $56.82 a barrel.

Venezuela's state oil company confirmed that its operations were unaffected by a cyberattack targeting its systems, blaming the US and internal actors for the attack, after reports indicated a technical malfunction affected the delivery of oil shipments.

Ukrainian drones launched their attack on Russian oil platforms in the Caspian Sea for the third time in a week, after a Lukoil platform was shut down last week due to equipment damage, Reuters reported, citing sources familiar with the matter.

Meanwhile, Ukrainian President Volodymyr Zelensky offered to abandon his country's ambition to join NATO in exchange for alternative security guarantees to protect it from Russia.