Oil is set to end the year with the biggest annual gain since 2009

•  Time: 12/31/2021 09:39:00 
•  Reading: 1,378 times 

{Economic: Al Furat News} Oil prices fell 1% today, Friday, but they are heading to achieve their largest annual gains in 12 years, driven by the global economic recovery from the recession caused by the Covid-19 pandemic and restrictions adopted by producers even with injuries rising to record levels around the world. 

On the last day of 2021, Brent crude futures are heading to end the year with an increase of 53%, while US crude futures are on the way to achieve a rise of 57%, which is the strongest performance of the two benchmark contracts since 2009 when prices rose by more than 70%.

“We’ve had Delta and Omicron and all kinds of shutdowns and travel restrictions, but oil demand has remained a bit strong. You can attribute that to the effects of the stimulus supporting demand and to supply constraints,” said Craig James, Comsk chief economist.

However, today, Friday, oil prices stopped increasing after rising for several consecutive days, as Covid-19 infections reached new high levels globally, from Australia to the United States, which is fueled by the mutated strain of the highly contagious Omicron Corona virus.

Brent crude futures fell 86 cents, or 1.1%, to $78.67 a barrel, while US West Texas Intermediate crude futures fell 80 cents, or 1%, to $76.19 a barrel.

Oil is set to end the year with the biggest annual gain since 2009