Oil settles lower, posts first annual loss since 2020

Oil drilling rigs

Oil futures settled lower on Friday, to post its first annual loss since 2020 despite lower OPEC supplies amid geopolitical tensions in the Middle East.  

Brent crude for March delivery declined by 0.15%, or 11 cents, to $77.04 a barrel, posting the first weekly, monthly and quarterly loss of 2.25%, 4.4% and 12.15%, respectively. It shed nearly 4% year to date.

WTI contracts edged down 0.15% to $71.65 a barrel, recording the first weekly, monthly and quarterly loss of 2.6 %, 5.8% and 16%, respectively. It ended the year 6.1% lower. 

The US drilling rig count rose two units to 500 in the week ended Dec. 29, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.