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Oil set for first annual drop since 2015

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Oil prices rose about 2 percent on the final trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut.

Hints of progress on a possible U.S.-China trade deal with U.S. President Donald Trump saying he had a “very good call” with Chinese President Xi Jinping helped bolster sentiment for oil.

Brent crude futures rose $1.04, or about 2 percent, to $54.25 a barrel by 0740 GMT. Brent declined nearly 19 percent in 2018 following two years of growth.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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