Brent oil set to end year up 14 per cent, record high average

SINGAPORE: Brent crude is set to end the year up nearly 14 per cent from a year ago, supported by signs of an improving US economy and Iran’s threats to halt oil flow through a vital trade route. Brent rose 19 cents to $108.20 a barrel by 0701 GMT in the final trading day of 2011, with gains limited by a surprise rise in US stockpiles and a slowdown in output from Chinese factories. Brent is poised to close the year at a record-high average of around $111 a barrel, surpassing the previous annual peak of just below $100 reached in 2008. With the exception of 2008, oil prices have closed higher every year for the last decade. US crude rose 18 cents to $99.83 and is on track to record a 9 per cent gain for the year. The oil...

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