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SEOUL. — Oil prices held steady on the final day of the year yesterday, heading for their biggest annual rise since 2016, supported by a thaw in the prolonged US- China trade dispute and supply cuts.
Brent crude futures for March delivery LCOc1, the new front month contract, were at $66,66 a barrel, down 1 cent, by 0258 GMT. Brent for February delivery LCOG0 closed on Monday at $68,44 .
US West Texas Intermediate (WTI) crude for February CLc1 was down 3 cents at $61,65.
Brent has gained about 24percent in 2019 and WTI has risen roughly 36 percent. Both benchmarks are set for their biggest yearly gain in three years, backed by a breakthrough in US – China trade talks and output cuts pledged by the Organisation of Petroleum Exporting Countries (OPEC) and its allies.
The White House’s trade adviser said on Monday that the US – China Phase 1 trade deal would likely be signed in the next week. — Reuters.
Online Reporter