The decline in prices witnessed in the Friday session, ahead of the weekend and Christmas, came amid expectations that Angola would increase its production after its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), but prices rose during the week supported by positive news about the American economy and fears that attacks would rise. The Houthi group charges ships for supplies.
On Friday, Brent crude futures fell 32 cents, or 0.4 percent, to settle at $79.07 per barrel. US West Texas Intermediate crude also fell 33 cents, or 0.5 percent, to $73.56 at settlement.
This means that the two benchmarks rose by about three percent this week.
More shipping companies announced that they will avoid the Red Sea due to the attacks carried out by the Houthi group on ships, which they say come as part of a response to the Israeli war in Gaza.
The attacks caused disruptions to transit traffic in the Suez Canal, through which about 12 percent of global trade passes.
In Africa, Angola’s decision to withdraw from OPEC could open the way, on the other hand, for Beijing to increase investment in the country’s oil and other sectors. Angola produces about 1.1 million barrels of oil per day, according to Reuters.
2023-12-23 09:01:15
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