Oil prices fall as 2020 comes to an end
- 31 Dec 2020
Gulf Today Report
Crude oil has faced a turbulent year due to their pandemic but prices have since rebounded as stimulus got rolled out.
On Thursday, Brent was trading down 25 cents, or 0.5%, at $51.38 a barrel and US West Texas Intermediate (WTI) lost 0.2%, or 11 cents, to $48.29 a barrel.
Stephen Innes, chief global market strategist at Axi said: "it is kind of year-end quiet but a weaker dollar is helping keep a floor under markets."
READ MORE
Gold falls despite recording 24% rise in 2020
Oil prices gain as US inventories decline
EU leaders sign Brexit deal as Britain MPs debate ratification
Brent and WTI recorded a decade-lows in April but they have doubled since then.
On the other hand, the US energy firm has added 3 oil and natural gas rigs this week.
OPEC+ is set to meet on Jan.4 and will likely boost output by 500,000 barrels per day in January.
