Oil prices edged lower on the final day of 2019 on Tuesday, but were on track for their biggest annual rise since 2016, supported by a thaw in US-China trade dispute and ongoing supply cuts.
Brent crude futures for March delivery, the new front month contract, were down 11 cents, or 0.2 per cent, to 66.56 a barrel by 0158 GMT, while US West Texas Intermediate (WTI) crude for February was down 11 cents, or 0.2 per cent, at $61.57 per barrel. Brent for February delivery closed on Monday at $68.44.
Brent has gained about 24 per cent in 2019 and WTI has risen roughly 36 per cent for the year. Both benchmarks are set for the biggest yearly gain in three years, backed by a breakthrough in US-China trade talks and output cuts pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies.
