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Oil heads for biggest annual gain since at least 2016

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By Ahmad Ghaddar LONDON (Reuters) – Oil prices fell on Friday but were set to post their biggest annual gains since at least 2016, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record highs around the world. Brent crude futures fell 93 cents, or 1.2%, to $78.60 a barrel at 1413 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped $1.05, or 1.4%, to $75.94 a barrel. Brent is on track to end the year up about 52%, its biggest gain since 2016, while WTI is heading for a 57% gain, the strongest performance for th…

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