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Published on: Friday, December 22, 2023 – 4:23 PM | Last updated: Friday, December 22, 2023 – 4:23 PM
Oil prices rose during trading on Friday, and Brent crude exceeded the $80 barrier, heading towards recording weekly gains, amid continuing tensions in the Middle East.
In terms of trading, Brent crude futures rose by about 0.84% to $80.6 per barrel, and US crude futures rose by 0.9%, recording $74.53 per barrel.
In terms of weekly performance, both benchmarks rose by more than 4% for the second week in a row, as concerns about shipping in the Red Sea led to higher prices.
The Angolan government announced yesterday, Thursday, that it had decided to withdraw from OPEC because “membership does not serve its interests.”
Angola had previously protested the decision of the broader OPEC+ group to reduce the country’s oil production quota for 2024.
In 2007, Angola joined OPEC, and produces 1.1 million barrels of oil per day, compared to 28 million barrels per day produced by the entire group.
Regarding the latest developments in tensions in the Red Sea, analysts confirm that the impact of the attacks on some ships transiting in the Red Sea and transporting oil supplies is limited so far, as the bulk of Middle Eastern crude is exported through the Strait of Hormuz.
For his part, Leon Lee, an analyst at CMC Markets, said in statements reported by Reuters that oil prices may witness a recovery due to geopolitical conflicts and the imminent implementation of OPEC production cuts.
2023-12-22 14:24:11
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