Brent crude was up 5 cents at $83.51 a barrel by 1105 GMT, while U.S. West Texas Intermediate crude was down 12 cents at $78.28
Oil rose on Friday and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world’s top crude importer, China.
“This has been an extraordinary year for commodity markets, with supply risks leading to increased volatility and elevated prices,” said ING analyst Ewa Manthey.On Friday, Brent crude was up 5 cents at $83.51 a barrel by 1105 GMT. U.S. West Texas Intermediate crude was down 12 cents, or 0.2 per cent, at $78.28.
“Investors are going into 2023 with a cautious mindset, prepared for more rate hikes, and expecting recessions around the globe,” said Craig Erlam, analyst at brokerage OANDA.While an increase in year-end holiday travel and Russia’s ban on crude and oil product sales are supportive, supply tightness will be offset by declining consumption due to a deteriorating economic environment next year, said CMC Markets analyst Leon Li.
Oil’s fall in the second half of 2022 came as central banks hiked interest rates to fight inflation, boosting the U.S. dollar. That made dollar-denominated commodities a more costly investment for holders of other currencies.
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