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A trader at the New York Stock Exchange. Brent, which hit a 14-year high of $140 a barrel in March, has since lost most of its gains. Reuters Oil prices ended the week higher on Friday, rallying on the last trading of the year, despite an unexpected rise in US crude stocks, recession fears and demand concerns owing to a resurgence of Covid-19 infections in the world’s top crude importer China. Brent, the benchmark for two thirds of the world’s oil, settled 2.94 per cent higher at $85.91 a barrel at the close of trading on Friday, while West Texas Intermediate, the gauge that tracks US crude, gained 2.37 per cent to $80.26 a barrel. Despite the price volatility this year, which was exacerbated by the Ukraine war that disrupted global supplies, this was the second annual gain for the oil market. Brent gained about 10 per cent this year, after jumping 50 per cent in 2021, while WTI ended up about 7 per cent in 2022, following a 55 per cent surge last year. Brent soared to a 14-year high of close to $140 a barrel in March after Russia’s invasion of Ukraine, but sluggish economic growth in […]
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