Oil heads for biggest yearly gains since 2009
Oil prices fell 1 per cent 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.
On the last day of 2021, Brent crude futures were on track to end the year up 53 per cent, while US crude futures were headed for a 57 per cent gain, the strongest performance for the two benchmark contracts since 2009, when prices soared more than 70 per cent.
“We’ve had Delta and Omicron and all manner of lockdowns and travel restrictions, but demand for oil has remained relatively firm. You can attribute that to the effects of stimulus supporting demand and restrictions on supply,” said CommSec Chief Economist Craig James.
