WASHINGTON (dpa-AFX) - Oil prices fell on Friday but headed for their biggest annual gains in 12 years on demand revival hopes and amid cautious supply increases by the OPEC+ group.
Benchmark Brent crude futures fell 35 cents, or 0.4 percent, to $79.18 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.6 percent, at $76.52.
Brent is poised for a yearly gain of about 53 percent, while WTI is heading for a 58 percent gains, the strongest performance for the two benchmark contracts since 2009, when prices soared more than 70 percent.
Covid-19 worries persist as infections surged to record highs around the world, despite all manner of lockdowns and travel restrictions.
U.S. health experts warned Americans to prepare for severe disruptions in the first weeks of 2002 amid increased holiday travel, New Year celebrations and school reopenings following winter breaks.
Investors also turned cautious ahead of the Organization of the Petroleum Exporting Countries (OPEC) and its allies meet on Jan.4. The oil producing alliance will decide whether to continue increasing output in February.
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