Oil prices down, but set for biggest yearly gain since 2009

Oil prices were down on Friday, but were still on track for their 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. U.S. benchmark West Texas Intermediate (WTI) crude futures were down 25 cents at $53.52 a barrel by 9:38 a.m. EST (1438 GMT) on Friday, while Brent fell 26 cents to $56.59. Oil prices have more than halved since the summer of 2014, when it was above $100 a barrel.