Oil set for 20% drop in 2020 as lockdowns weigh
SINGAPORE: Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralyzed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out more stimulus.
On Thursday, the last trading day of 2020, Brent was trading down 18 cents, or 0.4%, at $51.45 a barrel, as of 0136 GMT and U.S. West Texas Intermediate (WTI) lost 0.1%, or 5 cents, to $48.35 a barrel.
Brent and WTI have more than doubled from decade-lows seen in April, putting past a year which marked the first negative prices for WTI that shocked investors globally.
Asian shares are set to end a tumultuous 2020 by hovering near record highs on Thursday while riskier currencies cruised near 2-1/2-year peaks, buoyed by hopes that COVID-19 vaccine rollouts will help the world beat the pandemic.
