Oil’s annual gains largest since 2009BloombergOil posted its biggest annual advance since 2009 as COVID-19 vaccination rollouts accelerated the reopening of economies, spurring global consumption, while crude production returned at a more moderate pace. West Texas Intermediate (WTI) rose 55 percent for the biggest year-to-date gain in more than a decade. Brent, the global benchmark, rose 50 percent, the largest gain since 2016. Oil’s rally last year was also due to an energy crunch, prompted by shortages of natural gas and coal earlier this fall. Surging gas prices led to rising demand for alternative power generation in Europe and Asia heading into the Northern Hemisphere winter.

Source: Taipei Times January 01, 2022 23:28 UTC