Oil set to post biggest annual gains

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 to $79.14 a barrel, while US West Texas Intermediate (WTI) crude futures dropped to $76.55 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.