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oil and gasJanuary 2, 2023

Oil set to end turbulent 2022 modestly higher

NNA - Oil prices edged up on Friday and were on track to post their second straight annual gains, albeit modest, in a stormy year marked by tight supplies due to the Ukraine war, a strong dollar and weakening demand from the world's top crude importer China.

Brent crude futures rose 20 cents, or 0.2%, to $83.66 a barrel by 0445 GMT, after settling 1.2% down in the previous session.

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.