Oil set to close higher in 2022, a turbulent year marked by tight supplies

Brent is set to close 2022 with a 5.76% gain after rising 50.2% in 2021. Oil prices cooled quickly in the second half this year as central banks across the world hiked interest rates to fight inflation and boosted the U.S. dollar. Also, China's zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes at the world's No. Oil prices cooled quickly in the second half this year as central banks across the world hiked interest rates to fight inflation and boosted the U.S. dollar. Also, China's zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes at the world's No.