Oil prices edged down on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the Covid-19 slump and producer restraint, even as infections surged to record highs around the world. Global oil prices , are expected to rise further next year as jet fuel demand catches up. "We've had Delta and Omicron and all manner of lockdowns and travel restrictions, but demand for oil has remained relatively firm. You can attribute that to the effects of stimulus supporting demand and restrictions on supply," said Australian brokerage firm CommSec's Chief Economist Craig James. "I think we will see a lot of pressure on OPEC+ to make sure there's enough oil being supplied to market," James said.

Source: The Standard December 31, 2021 13:59 UTC