Oil heads for biggest annual gains since 2009

Brent crude futures settled at US$79.32 a barrel, up 9 cents, or 0.11%. U.S. crude futures rose 43 cents, or 0.56%, to settle at $76.9 a barrel, the seventh straight session of gains.

MELBOURNE: Oil prices slid on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record highs around the world.

Brent crude futures fell 31 cents, or 0.4%, to $79.22 a barrel at 0427 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 37 cents, or 0.5%, to $76.62 a barrel.