Oil Prices Set for First Annual Decline Since 2020

Concerns about economies and oil demand amid rising interest rates have pushed oil prices down to a 10% decline this year, the first annual drop since 2020, despite the OPEC+ production cuts and a new war breaking out in the Middle East.    On Friday, the last trading day of 2023, oil prices were trading slightly higher and on track to post a 10% drop for the year compared to 2022. The U.S. benchmark, WTI Crude, was trading up by 0.33% at $72.01, and the international benchmark, Brent Crude, was set to end the year below the…