Oil’s Modest Annual Gain Belies a Year of Staggering Volatility
- Chinese commodity demand poised to recover as Covid Zero ends
- WTI settles above $80 and about 4% higher from a year ago
This article is for subscribers only.
Oil ended a volatile year modestly higher as investors look ahead to a potential rebound in Chinese demand next year.
West Texas Intermediate futures staged a last-minute rally in the final session of the year to settle above $80, marking a 4% annual gain. The finish was a far cry from the triple digits seen earlier this year after Russia’s invasion of Ukraine upended global supplies and sent prices soaring.