Oil prices recorded $77.04 per barrel for Brent crude futures, while WTI crude futures recorded $71.65 per barrel, with prices stabilizing at the same low levels after futures lost more than 10% during 2023.

Global oil prices recorded weekly losses, with Brent crude declining by about 2.5%, and WTI crude declining by about 2.6%.

Oil prices are headed to end 2023 down by about 10%, marking the first annual decline in two years, after geopolitical concerns, production cuts, and global measures to curb inflation caused sharp price fluctuations.

Oil is also set for a third consecutive monthly decline due to demand concerns that erase the impact of supply worries resulting from the Middle East conflict, and the decline means that production cuts are not sufficient to support prices.

Thus, the two benchmark crudes are set to end the year at the lowest year-end level since 2020 when the coronavirus pandemic undermined demand and led to price declines.

Prices had risen to their highest levels this year in September, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on production cuts, sparking fears that demand might exceed supplies.