U.S. crude oil sheds more than 10% in first annual decline since 2020

News Snapshot:

A driver pumps gas at a Sunoco gas station in Washington, DC, US, on Tuesday, Nov. 28, 2023. Al Drago | Bloomberg | Getty Images U.S. crude oil closed out the year more than 10% lower as bearish sentiment has taken over due to worries that the market is oversupplied from record production outside OPEC. The West Texas Intermediate contract for February shed 12 cents, or 0.17%, to settle at $71.65 a barrel on Friday. The Brent contract for March lost 28 cents, or 0.36%, to trade at $76.87. U.S. crude and the global benchmark booked the first annual decline...