Oil prices has swung wildly in 2022, climbing on tight supplies amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of an economic contraction, but closed the year on Friday with a second straight annual gain, the Ruters reported.
Prices surged in March as Russia’s invasion of Ukraine upended global crude flows, with international benchmark Brent reaching $139.13 a barrel, highest since 2008. Prices cooled rapidly in the second half as central banks hiked interest rates and fanned worries of recession.
Brent crude on Friday, the last trading day of the year, settled at $85.91 a barrel, up nearly 3% to $2.45 per barrel. U.S. West Texas Intermediate crude settled at $80.26 a barrel, up $1.86 or 2.4%.