Oil On Track to Shed 20% For The Year – 30 December, 2020

On the last trading day of 2020, oil was trading lower, with the commodity losing about a fifth of its value this year. Brent crude was 0.5% or 25 cents lower at $51.38 per barrel. U.S. WesT Texas Intermediate fell 0.2% or 11 cents to $48.29 per barrel. After both producers saw record low drops in April, they’ve managed to more than double despite global economic uncertainty caused by the coronavirus. Starting in January, the Organization for petroleum Exporting Countries and their allies are scheduled to increase global production by 500,000 barrels per day after a year of cutbacks.