Oil Posts First Year Of Losses Since 2015

Oil prices ended with full-year losses for the first time since 2015, after a desultory fourth quarter that saw buyers flee the market over growing worries about a supply glut and mixed signals related to renewed US sanctions on Iran.

For the year, US West Texas Intermediate crude (WTI)futures slumped nearly 25 percent, while Brent tumbled more than 19.5 percent.

The market had been on track for solid gains for the year until October, when the United States granted larger-than-expected waivers to importers of Iran's oil, and as demand in emerging economies started to sag.

That combination dragged down both benchmarks from four-year highs above $76 a barrel and $86 a barrel, respectively, and even a late-year decision by the Organization of the Petroleum Exporting Countries and its allies including Russia, known collectively as OPEC+, to ratchet down output was not enough to restore bullish sentiment.

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