Oil rebounded on Friday, gearing towards achieving its second yearly earnings amid tense year that witnessed multiple critical factors including the trimmed output, the slumped demand in China and the solid greenback.

Brent crude futures ticked up by 0.7% at $84.05 per barrel post muting earlier at 1.2%. Brent seems to be wrapping up the year with 8% earning post previous 50.2% climb in 2021.

While U.S. WTI advanced by 0.6% at $78.90, post recording a slump of 0.7% earlier yesterday, heading towards hitting 4.8% gains after recording 55% earnings in 2021.

Analysts predict a surge in the unemployment rate worldwide next year, which will consequently have a negative impact on the oil demand, with expectations of a drop in oil prices to $60 in 2023.

The mid of 2022 saw a rapid ease in oil prices due to the strong U.S. dollar that has been supported by Fed's aggressive rates hikes to combat the surged inflation.

It is quite predicted that China will witness a slower than assumed revive in its economy in 2023 due to the current spike in Covid-19 infected cases that hammered hopes of an early recovery.