Oil drops 31% in 2015 on global crude glut

Oil futures ended higher Thursday in the final trading session of 2015, but posted a steep annual drop for the second year in a row as markets continue to wrestle with a global glut of crude.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +1.28%  rose 44 cents, or 1.2%, to finish at $37.04 a barrel.

For the year, the U.S. benchmark dropped 30.5% and has lost 62.4% over the last two years. Crude hadn’t dropped two years in a row since 1998.

February Brent crude LCOG6, +3.13% the global benchmark, rose 82 cents, or 2.3%%, on London’s ICE Futures exchange to settle at $37.28 a barrel. Brent fell 35% in 2015, marking its third straight yearly drop.

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