Brent exceeds $80/barrel heading towards weekly gains

Oil prices rose during trading today, Friday, the twenty-second of December, and Brent crude oil exceeded the $80 barrier, heading towards recording weekly gains, amid continuing tensions in the Middle East.

According to Reuters, 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.

As for 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 a rise in 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 against the decision of the broader OPEC+ group to reduce the country’s oil production quota for the year 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.

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