U.S. oil benchmark suffers 20.5% loss in 2020


Oil futures ended a choppy trading session with modest gains Thursday, capping a tumultuous year that left the U.S. benchmark with a loss of 20.5%. West Texas Intermediate crude for February delivery
rose 12 cents, or 0.3%, to close at $48.52 a barrel on the New York Mercantile Exchange. For the year, WTI dropped 20.5%, based on front-month contracts, according to Dow Jones Market Data. Crude ended the year on a positive note amid signs of a pickup in demand and as major producers curbed output in reaction to the COVID-19 pandemic. WTI plunged into negative territory for the first time ever in April. WTI logged a 7% rise for December, contributing to a fourth-quarter gain of 20.6%.


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