U.S. oil snaps 7-session streak of gains but logs best yearly rise in over a decade

U.S. oil futures on Friday settled lower on the eve of 2022, marking the first decline in the past eight sessions, but the loss belies a stellar year for crude bulls, with the commodity posting the sharpest annual rise since 2009. West Texas Intermediate crude oil for February delivery CLG22, -1.96% CL00, -1.96% declined $1.78, or 2.3%, to end at $75.21 a barrel on the New York Mercantile Exchange, after gaining 0.6% on Thursday. For the week, oil rose 1.9%, rose 13.7% in December and posteed a 0.3% rise in the quarter. For the year, WTI rallied more than 55% to clinch its sharpest annual gain in 12 years, FactSet data show.