Oil heads for biggest annual gains since 2009 | Reuters

Oil heads for biggest annual gains since 2009 | Reuters

Oil prices edged down on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record highs around the world.

Brent crude futures fell 3 cents to $79.50 a barrel at 0718 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $76.89 a barrel.

Brent is on track to end the year up 53%, while WTI is heading for a 58% gain, the strongest performance for the two benchmark contracts since 2009, when prices soared more than 70%. Both contracts touched their 2021 peak in October with Brent at $86.70 a barrel, the highest since 2018, and WTI at $85.41 a barrel, the loftiest since 2014.

Global oil prices , are expected to rise further next year as jet fuel demand catches up. read more