{"id":21841,"date":"2025-12-31T15:47:09","date_gmt":"2025-12-31T13:47:09","guid":{"rendered":"http:\/\/jhb-webdevelopers\/channelafrica\/news\/oil-set-for-biggest-annual-drop-since-2020\/"},"modified":"2026-02-27T16:32:48","modified_gmt":"2026-02-27T14:32:48","slug":"oil-set-for-biggest-annual-drop-since-2020","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/oil-set-for-biggest-annual-drop-since-2020\/","title":{"rendered":"Oil set for biggest annual drop since 2020"},"content":{"rendered":"<p>Brent crude futures, down over 17% the most substantial annual percentage decline since 2020, are on track for a third straight year of losses, their longest losing streak to date. United States (US) West Texas Intermediate (WTI) crude headed for a near 19% annual decline.<\/p>\n<p>&nbsp;<\/p>\n<p>BNP Paribas commodities analyst Jason Ying anticipates Brent will dip to $55 a barrel in the first quarter before recovering to $60 a barrel for the rest of 2026 as supply growth normalises and demand stays flat.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;The reason why we&#8217;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,&#8221; he said.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;So the supply from shale producers will be more consistent and insensitive to price movements.&#8221;<\/p>\n<p>Brent futures were up 0.46%, at $61.61 a barrel by 16h17 CAT, while WTI crude was at $58.23 or 0.48%. The 2025 average prices for both benchmarks are the lowest since 2020, London Stock Exchange Group data showed.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211;Reuters&#8211;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"featured_media":14324,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-21841","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Oil prices crept higher on Wednesday while heading for a fall of more than 15% over the course of 2025, as expectations of oversupply increased in a year marked by wars, higher tariffs, increased Organisation of the Petroleum Exporting Countries (OPEC+) output and sanctions on Russia, Iran and Venezuela.","published_date":null,"news_description":"","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/21841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/21841\/revisions"}],"predecessor-version":[{"id":25354,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/21841\/revisions\/25354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/14324"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=21841"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=21841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}