(Bloomberg) — Oil slipped in quiet end-of-year trading, as the market focused on the outlook for 2025 while monitoring Middle East developments.

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West Texas Intermediate traded near $70 a barrel after rising 1.6% last week, and Brent was below $74. There are widespread expectations that the market will be oversupplied next year, which is likely to make it harder for OPEC and its allies to revive idled production.

Oil is heading for a modest loss this year, with trading confined to a narrow range since mid-October. The market has been buffeted by bearish and bullish signals, including persistent hostilities in the Middle East. Traders will be also watching for any fallout from a Trump administration.

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