WTI crude oil prices saw a slight decline as trading volume remained low ahead of the Christmas holiday. Concerns over an oversupply in the oil market and a strengthening U.S. dollar put pressure on prices. The February delivery for West Texas Intermediate (WTI) crude dropped by $0.22, or 0.31%, closing at $69.24 per barrel.
Macquarie analysts predict an increase in international crude oil oversupply next year. They forecast Brent crude oil prices to average $70.50 per barrel in the coming year, down from this year's average of $79.64 per barrel.
The Druzhba pipeline, which transports oil from Russia and Kazakhstan to Hungary, Slovakia, the Czech Republic, and Germany, resumed operations after a technical issue at a Russian pump station halted it. This resumption eased concerns about European crude oil supply.
The U.S. dollar, which hit a two-year high recently, continued to hover near that peak, further pressuring oil prices.
