Patrick DeHaan

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Oil prices have been very dossal to start 2026. In early Tuesday trade, both West Texas Crude and Brent Crude were trading slightly higher; at $60 and $64 per barrel respectively.

Oil prices started 2026 right where the left off in 2025. Patrick DeHaan with Gasbuddy.com said this is nothing new. He noted oil prices have held steady, below $60 a barrel for West Texas Crude, for months.

It appears that oil prices will close 2025 slightly higher, week over week, but much lower than where prices started the year.

Oil prices continue their slow move downward. As of Tuesday morning, West Texas Crud was trading just above $59 per barrel, while Bent Crude was holding at in the $62 per barrel range.

Patrick DeHaan with Gasbuddy.com said talk of a potential peace deal between Ukraine and Russia, brokered by the United States encouraged oil prices to dip.

Oil prices continue the trend we’ve seen for several months, where prices don’t deviate much week to week, holding in the low- to mid- $60 range.

“Oil prices now rubbing up against multi-year lows as OPEC continues to churn out supply," said Patrick DeHaan is with Gasbuddy.com.

For the past several weeks, even several months, oil prices have held fairly steady, remaining in the mid-$60 per barrel range. But, thanks to OPEC’s increased production, that trend is no more.