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Oil prices settled lower on December 31 but posted their biggest annual gains since at least 2016. Brent settled down $1.75 at $77.78 and WTI fell to $75.21, with both contracts up more than 50% for 2021.
The annual rally reflects demand recovery and OPEC+ supply restraint, which keeps crude costs elevated and raises input costs for feed production and transport.
reuters.comJessica Resnick-aultDec 31, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
