Oil heads for biggest annual gains since 2009; Brent to post 50% gains

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

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 $78.28 a barrel at 0718 GMT, while US West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1 per cent, to $76.89 a barrel.

Brent is on track to end the year up 53 per cent, while WTI is heading for a 58 per cent gain, the strongest performance for the two benchmark