Oil posts first year of losses since 2015

Brent crude futures settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas Intermediate crude settled at $56.20 a barrel, rising 18 cents. It gained about 1.2% on the week. U.S. economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.

HOUSTON: 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%, while Brent tumbled more than 19.5%.