LONDON—Oil rose on Friday and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world’s top crude importer, China.
Crude surged in March with global benchmark Brent reaching $139.13 a barrel, the highest since 2008, after Russia’s invasion of Ukraine sparked supply concerns. Prices cooled rapidly in 2022’s second half on worries about global recession.
