Oil Posts Its Biggest Annual Gain Since 2009 as Demand Recovers
- OPEC+ alliance to gather next week to decide on supply policy
- WTI finishes with seventh consecutive quarterly gain
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Oil posted its biggest annual advance since 2009 as vaccination rollouts accelerated the reopening of economies, spurring global consumption while crude production returned at a more moderate pace.
West Texas Intermediate rose 55% for the biggest year-to-date gain in over a decade. Brent, the global benchmark, rose 50%, the largest gain since 2016. Investors are now trying to gauge the outlook for energy demand over the coming year as the latest Covid-19 variant rapidly spreads and OPEC gathers with allied producers next week to discuss output policy.