Oil price news: Oil limps into 2024 as OPEC+ and war fail to prevent annual drop

​Oil headed for the biggest annual drop since 2020 as war and OPEC+ production cuts failed to propel prices higher in a year dominated by supply growth outside of the grouping.

Brent crude edged higher toward US$78 a barrel Friday, but is set to close 2023 about US$8 below where it started the year. A broader Bloomberg gauge of commodities has dropped by about 10 per cent over the past 12 months.

Oil ended lower on Thursday after official U.S. data showed that stockpiles at the key Cushing, Oklahoma, storage hub expanded for the 11th week to hit the highest since August. U.S. crude production has been running at a record clip.