LONDON—Oil prices are set to end 2023 about 10 percent 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 percent 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 group began targeting vessels.
