# Oil Set for Strongest Year Since 2016 on OPEC Cuts, Trade Truce - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com

> Oil was on track for its biggest annual gain since 2016, with WTI up about 36% for the year and trading above $61 a barrel. Gains were attributed to OPEC output cuts and the easing of the US-China trade war. Renewed Mideast tensions followed US air strikes on Iranian-backed militia sites in Iraq and Syria.

- Date: 2019-12-31 · published 2019-12-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/55739-oil-set-for-strongest-year-since-2016-on-opec-cuts-trade-truce-energy-news-top
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude and geopolitical risk in the Middle East raise energy and freight costs, which can pass through to feed ingredient and biofuel prices.

## Read by commodity

- WTI: bullish ▲

## Sources

- energynow.com: https://energynow.com/2019/12/oil-set-for-strongest-year-since-2016-on-opec-cuts-trade-truce/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.