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Oil Prices Set For Biggest 1 Year Gain – OPEC
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Oil Prices Set For Biggest 1 Year Gain – OPEC

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Oil prices are on track for their biggest annual gain since 2009 after the OPEC grouping and other major producers agreed to cut crude output to reduce a global supply overhang that has depressed prices for two years.

U.S. benchmark West Texas Intermediate (WTI) crude futures were up at 53.83 dollars a barrel on Friday, while Brent front-month March crude was at 56.85 dollars.

Brent has risen about 50 per cent this year and WTI has climbed around 43 per cent, the largest annual gains since 2009, when Brent and WTI rose 78 per cent and 71 percent respectively.

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