Oil prices fell more than 2% on Friday as investors considered a worldwide supply glut and a potential Ukraine peace accord ahead of this weekend’s discussions between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.

Brent fell $1.60, or 2.57%, to $60.64 per barrel. WTI crude fell $1.61, or 2.76%, to $56.74.

Recent supply disruptions have helped oil prices rebound from their near five-year low on December 16, but they are on track for their worst annual loss since 2020.

Brent and WTI are down 19% and 21% on the year due to growing petroleum output and predictions of an oil surplus next year.