2023-12-23 09:01:15
The decline in prices witnessed in the Friday session, ahead of the weekend and Christmas, came amid expectations that Angola would increase its production following its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), but prices rose during the week supported by positive news regarding the American economy and fears that attacks would rise. Houthi group on ships supplies costs.
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 regarding 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 regarding 12 percent of global trade passes.
In Africa, Angola’s decision to withdraw from OPEC might open the way, on the other hand, for Beijing to increase investment in the country’s oil and other sectors. Angola produces regarding 1.1 million barrels of oil per day, according to Archyde.com.
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