Oil prices are heading to end 2023 with a decline of about ten percent, recording the first annual decline in two years, after geopolitical concerns, production cuts, and global measures to curb inflation caused sharp fluctuations in prices.

Brent crude futures rose 18 cents, or 0.2 percent, to $77.33 per barrel by 01:26 GMT, Friday, the last trading day in 2023.

US West Texas Intermediate crude futures increased 11 cents to $71.88 a barrel in early Asian trading.

With this, the two benchmarks are heading to end the year at the lowest end-of-year level since 2020, when the Corona pandemic undermined demand and led to a decline in prices.

Oil is also heading towards decline for the third month in a row due to demand concerns that erase the impact of fears that supplies will be damaged by the conflict in the Middle East. The decline means that production cuts are not enough to support prices.