Oil Close To Biggest Yearly Rise In Three Years – 30 December, 2019

Oil prices were on track to hit their biggest annual rise in three years as 2019 comes to an end due to ongoing supply cutbacks by OPEC as well as optimism over the U.S.- China trade war. U.S. West Texas Intermediate crude is down 3 cents for February to $61.65. International Brent crude futures March delivery were 1 cent lower to $66.66 per barrel, with prices closing at $68.44 on Monday. Both Brent and WTI are on track for their biggest ear of gains since 2016, with WTI gaining 36% and Brent rising 24% for 2019. U.S. crude inventories are forecasted to drop for a third consecutive week by about 3.2 million barrels per day in the week of Dec 27.