Oil Ends Slightly Lower, But Notches First Annual Rise Since 2013

By MarketWatch Markets MarketWatch Pulse

U.S. oil futures ended slightly lower in light trade in the final session of 2016, but notched a nearly 45% annual gain for the first calendar-year rise since 2013. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 5 cents, or 0.1%, to close at $53.72 a barrel. Oil logged an 8.5% rise in December, with recent strength pegged in large part to expectations major oil producers inside and outside of the Organization of the Petroleum Exporting Countries will abide by agreements to limit production in an effort to end a persistent crude glut.

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