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 contracts since 2009, when prices soared more than 70 per cent. Both contracts touched their 2021 peak in October, with Brent at $86.7 a barrel, the highest since 2018, and WTI at $85.41 a barrel, the loftiest since 2014.
