Oil Steady, Heading For Biggest Annual Gain Since 2009

Oil prices have stabilized at the time of writing the report, compared to the last settlement at $79.52 per barrel of Brent crude in futures contracts, and at $76.9 per barrel in US crude futures, after trading began on Friday with a decline of 1%.

Oil prices are heading to achieve their largest annual gains in 12 years, supported by the global economic recovery, which was hit at the time of the Corona closures, despite the rise in injuries to record levels around the world.

Brent crude futures gained 53% since the beginning of the year, while US crude futures were heading towards a 57% gain, the strongest performance since 2009 when their prices rose 70%.

The impact of the stimulus has supported fuel demand despite Delta, Omicron and all kinds of closures and travel restrictions, said Craig James, chief economist at COMMSEC, as supply constraints are causing the black gold’s gains.

And oil prices fluctuated between rises and falls after rising for several consecutive days due to cases of Corona virus Covid-19 to new records around the world, from Australia to the United States, which was raised by the highly prevalent Corona virus omicron.

And American health experts warned, American citizens, and asked them to prepare for severe disturbances in the coming weeks, with the expected exacerbation of infection rates amid increased holiday travel and New Year’s celebrations, and the reopening of schools after the winter holidays.