Brent crude fell on Tuesday, closing 2013 nearly unchanged following a year in which traders balanced a spate of supply disruptions from Middle East and Africa against surging output from the United States.
Meanwhile, U.S. crude ended the year up more than 7 percent as traders head into 2014 eyeing improving demand, the end of the Federal Reserve's monetary stimulus and the dramatic overhaul of the world's largest oil market caused by the shale revolution. The surge has narrowed West Texas Intermediate's (WTI) spread with the Brent, the international benchmark.
Weighed down by expectations oil shipments from some shuttered Libyan ports would resume soon, Brent was trading just cents below its levels at the end of 2012 near $111 a barrel. The international benchmark traded in a $22 range from $96.75 to $119.17 this year, the narrowest band since 2006.