Oil prices set to end year 10% lower as demand concerns snap winning streak

Oil prices are set to end 2023 about 10% lower after two years of gains as geopolitical concerns, production cuts and central bank measures to rein in inflation triggered wild fluctuations in prices.

On Friday, oil climbed after falling 3% the previous day as more shipping firms prepared to transit the Red Sea route. Major firms had stopped using Red Sea routes after Yemen’s Houthi…