Dec. 16 (UPI) -- U.S. crude fell below $55 a barrel Tuesday to its lowest since early 2021 as markets reacted to surplus concerns and potential peace deal in Ukraine.
West Texas Intermediate fell to a low of $54.98 a barrel to its weakest level since early February 2021, and recently traded near 55.16, down about 2.9%.
Brent crude, meanwhile, slipped to $58.88 a barrel in a nearly 3% drop. It slid roughly 21%, marking its weakest year since 2020.
U.S. crude was down about 23% this year at its steepest annual drop since 2018.
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