Oil set for slight gains to end a turbulent 2022

Commodity holds off effects of Russia's war, dollar strength and weakened Chinese demand

In Sloviansk Ukrainian Border Guards receive donations of food and gifts from their families and people in general on December 29 as Russia's attack on Ukraine continues. Russia's actions have triggered sanctions which are forcing it to divert its crude and refined fuel products to Asia from Europe. Picture: REUTERS/CLODAGH KILCOYNE

Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021. Prices surged in March to a peak of $139.13 a barrel, a level not seen since 2008, after Russia invaded Ukraine, sparking supply and energy security concerns. “The global unemployment rate is expected to rise rapidly in 2023, restraining energy demand. So I think oil prices may fall to $60 next year,” he said.

Travellers walk with their luggage at Beijing Capital International Airport on December 27 amid the Covid-19 outbreak in Beijing, China. Picture: REUTERS/TINGSHU WANG/FILE PHOTO A health data firm estimated that around 9,000 people in China are probably dying from Covid each day, as infections spread in the world's most populous nation.

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