Oil achieves the second consecutive annual gain

Oil prices fluctuated dramatically in 2022, as they rose due to tight supplies amid the war in Ukraine and fell due to weak demand for crude from China and fears of an economic contraction, but ended the year with a second consecutive annual gain. Brent crude futures closed on Friday, the last trading day for this year, up 3%, to $85.91 a barrel, and US West Texas Intermediate crude futures closed up 2.4%, to $80.26 a barrel.

Over the year, Brent crude rose about 10% after jumping 50% in 2021, and US West Texas Intermediate crude rose about 7% in 2022 after gains of about 55% in the past year.