Baghdad Oil prices fell 1% today, Friday, but they are heading to achieve their largest annual gains in 12 years, driven by the global economic recovery from the recession caused by Covid-19 and restrictions adopted by producers, even with infections to record levels around the world.
On the last day of 2021, Brent crude futures are heading to end the year with an increase of 53%, while US crude futures are on the way to achieve a rise of 57%, which is the strongest performance of the two benchmark contracts since 2009, when prices rose by more than 70%.
However, on Friday, oil prices stopped increasing after rising for several consecutive days, as Covid-19 infections rose to new high levels globally, from Australia to the United States of America, which is fueled by the mutated strain of the highly contagious Coronavirus (Omicron).
Brent crude futures fell 86 cents, or 1.1%, to $78.67 a barrel, while US West Texas Intermediate crude futures fell 80 cents, or 1%, to $76.19 a barrel.
Oil prices have risen by more than 50% this year, supported by the recovery in demand and the reduction of production by the Organization of Petroleum Exporting Countries (OPEC) and its allied countries, a group known as (OPEC +).
Source: National Iraqi News Agency