NEW YORK, Dec 31 (Reuters) – Oil prices fell on Friday but were set to post their biggest annual gains since at least 2016, spurred by the global economic recovery from the COVID-19 pandemic slump and producer restraint, even as infections reached record highs worldwide.
Brent crude futures fell 70 cents, or 0.9%, to $78.85 a barrel at 10:16 a.m. EST (1516 GMT), while U.S. West Texas Intermediate (WTI) crude futures dropped 84 cents, or 1.09%, to $76.15 a barrel.
Brent is on track to end the year up about 52%, its biggest gain since 2016, while WTI is heading for a 57% gain, the strongest performance for the benchmark contract since 2009, when prices soared more than 70%.
Both contracts touched their 2021 peak in October, with Brent at $86.70 a barrel, the highest since 2018, and WTI at $85.41 a barrel, the highest since 2014.