Oil ends 2009 78 percent above year-ago level

NEW YORK (Reuters) – Oil finished the year above $79 a barrel on Thursday, climbing a whopping 78 percent in 2009 and notching the biggest annual gain in a decade.

The market roared back from depressed levels seen at the end of 2008 that came as the global economic crisis sapped demand.

U.S. crude for February delivery settled up 8 cents at $79.36 a barrel, compared with a close of $44.60 on December 31, 2008. London Brent crude fell 10 cents on Thursday to settle at $77.93.

This year’s rise in U.S. oil futures is the sharpest annual percentage gain since 1999, when output cuts by producers helped revive prices from lows near $10 a barrel.

Reuters