Crude Prices Set to Wrap Up 2021 on 50 Percent Upswing

File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)
(Xinhua/Wang Ying)

Crude oil prices climbed down late on Friday but remained more than 50% above 2020 values, in what could be the US benchmark Brent’s strongest performance in years.

Brent grew by an overall 52.2%, its highest annual gain since 2016, market data shows, even though contracts for March dropped 1.2% to $78.6 per barrel on Friday.

West Texas Intermediate (WTI) was set for a 57% gain, its highest since the crude surged a record 78% in 2009. WTI futures for February were down 1.3% on Friday to $75.96 per barrel.

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