Oil falls but on track for biggest yearly rise since 2016

Oil fell on the last trading day of the decade on Tuesday but was still on track for monthly and annual gains, supported by a thaw in the prolonged US-China trade row and Middle East unrest.

Brent crude was down 74 cents at $65.93 a barrel by 1434 GMT. US West Texas Intermediate (WTI) crude fell 82 cents at $60.86 per barrel.

The volume of trade remained low as many market participants were away for year-end holidays. Brent has gained about 22 per cent in 2019 and WTI has risen 34pc.

Both benchmarks are set for their biggest yearly gains in three years, backed by a breakthrough in US-China trade talks and output cuts pledged by the Organisation of the Petroleum Exporting Countries and its allies.