Crude oil futures settled lower on Friday, after a 7-session winning streak, but still posted a strong gain for the week and the month.
Oil prices dropped, due largely to profit taking after recent gains.
West Texas Intermediate Crude oil futures for February ended down $1.78 or about 2.3% at $75.21 a barrel.
Crude oil futures climbed 1.9% in the week. In the October - December quarter, WTI futures gained 0.3%, and added 13.7% in the year.
Oil futures climbed as much as 55% in the year, the sharpest annual rise since 2016.
Brent crude futures were down $1.68 or 2.1% at $77.85 a barrel a little while ago.
Brent crude futures gained about 11% in December, and posted a gain of 51% in the year.
Traders continued to closely follow the updates on the virus fron. Coronavirus cases surged to record highs around the world despite the imposition of lockdowns and travel restrictions by several governments.
U.S. health experts warned Americans to prepare for severe disruptions in the first weeks of 2002 amid increased holiday travel, New Year celebrations and school reopenings following winter breaks.
Traders also looked ahead to the upcoming OPEC+ meeting, scheduled to take place on January 4. The oil producing alliance will decide whether to continue increasing output in February.
On Thursday, Saudi King Salman called on all major oil prducers to stock with OPEC+'s output caps and recommendations in order to ensure market stability.
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Market Analysis
December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.