Oil prices fell on Friday, but U.S. crude still posted its biggest annual gain since 2009 after OPEC and other major producers agreed to cut output to reduce a global supply overhang that has depressed prices for two years.
WTI futures climbed 45 percent on the year, while Brent futures have risen by more than 52 percent in 2016. The gains in the oil market were the best since the 2009 rally, when Brent and WTI rose 78 percent and 71 percent respectively.
Futures held their losses as oilfield services firm Baker Hughes reported U.S. drillers added oil rigs for a ninth straight week. The weekly count rose by 2 rigs to 525. At this time last year, drillers were operating 536 oil rigs.