Crude Oil Plummets: Biggest Drop Since 2020, OPEC+ Meeting on Jan 4 Crucial

• Crude oil prices face largest annual drop since 2020, driven by oversupply and reduced demand.
• West Texas Intermediate (WTI) fell below $58, down 20% this year; Brent crude near $61.
• OPEC+ meeting on January 4 will decide on production levels to address market surplus.
• American Petroleum Institute reported a 1.7 million barrel increase in oil inventories last week.
• Market also watching US monitoring of Venezuelan crude oil ban and potential pressure.

Why It Matters: Crude oil sees sharpest fall since 2020; OPEC+ Jan 4 meeting critical for future prices.