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Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. - Spencer Platt | Getty Images
 

 

Oil prices held steady on the final day of the year on Tuesday, heading for their biggest annual rise since 2016, supported by a thaw in the prolonged U.S.-China trade dispute and supply cuts.

Brent crude futures for March delivery, the new front month contract, were at $66.66 a barrel, down 1 cent, by 0258 GMT. Brent for February delivery closed on Monday at $68.44 .

U.S. West Texas Intermediate (WTI) crude for February was down 3 cents at $61.65.

Brent has gained about 24% in 2019 and WTI has risen roughly 36%. Both benchmarks are set for their biggest yearly gain in three years, backed by a breakthrough in U.S.-China trade talks and output cuts pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies. Read more…