Oil prices post biggest annual gain since 2016

Oil prices post biggest annual gain since 2016

Both US WTI (West Texas Intermediate) and UK crude oil prices had wrapped up the year’s final trading session sharply lower as OPEC+ sources had unveiled that the 14-member organization of petroleum exporting countries would likely to vouch for an output hike as early as in February, nonetheless, both benchmarks had reported their steepest annual gains in more than half a decade followed by an Apollonian amelioration in global demand outlook despite a rapid upsurge in Omicron cases in most G20 economies.

In point of fact, both US WTI and US crude oil contracts gained over a whacking 50 per cent in 2021 after hitting a seven-year peak above $80 per barrel in October, as major oil producers’ intransigent move not to hike output despite Biden Administration alongside its Western allies’ repeated calls to raise production coupled with a global-scale economic recovery from a pandemic-induced fiscal slump, bode well for crude oil contracts’ prices.







Aside from that, encouraging development over Omicron variant, the most contagious pandemic variant so far, had helped boost up investors’ morale, while recent studies had unveiled that the variant would less likely to require hospitalization admission unless presence