Oil prices edged up on Friday and were on track to post a second straight annual gain, albeit a meagre one, in a year marked by tight supplies due to the Ukraine conflict, a strong dollar and weak demand from the world’s top crude importer China. Brent crude futures climbed 44 cents, or 0.5%, to $83.90 a barrel by 0138 GMT after settling 1.2% down in the previous session.
U.S. West Intermediate crude was at $78.88 a barrel, up 48 cents, or 0.6%, after closing 0.7% lower on Thursday. Brent is set to close 2022 with a 5.76% gain after rising 50.2% in 2021. Prices surged in second quarter to a peak of$139.13 a barrel, a level not seen since 2008, after Russia invaded Ukraine and sparked supply and energy security concerns.
The WTI is on track to rise 4.5% in 2022 following a 55% gain last year.
