Crude oil prices set for biggest annual decline

Moscow: The prices of crude oil are set for the biggest annual decline since 2020.

Crude oil is headed for its biggest annual decline since 2020 because the war and Organization of the Petroleum Exporting Countries (OPEC) production cuts failed to lift prices, according to the US broadcasting agency Bloomberg.

The traders remain concerned about higher global crude supply demand in the coming quarters.

Brent crude was above $77 a barrel for weekly, monthly and quarterly losses, while West Texas Intermediate traded near $72 per barrel.

Both global benchmarks have fallen about 10 percent this year, the US marker has retreated by about the same amount. The Bloomberg Commodity Index has experienced a similar decline over the past 12 months.