Oil prices fell on Friday ahead of the weekend and Christmas amid expectations that Angola will increase production after withdrawing from the organization of the Petroleum Exporting Countries (OPEC), but prices rose during the week supported by positive news about the US economy and fears that Houthi attacks on ships will raise supply costs.
Brent crude futures fell 32 cents, or 0.4%, to settle at 79.07 dollars a barrel. US WTI crude also fell 33 cents, or 0.5%, to 73.56 dollars upon settlement.
This means that the two benchmarks rose by about 3% this week, after rising by less than 1% last week.
More shipping companies have announced that they will avoid the Red Sea because of the attacks carried out by the Houthi group on ships, which they say are part of the response to the Israeli war in Gaza.
The attacks caused disruptions to transit traffic in the Suez Canal, through which about 12% of world trade passes.
In Africa, Angola’s decision to withdraw from “OPEC” could, on the other hand, open the way for Beijing to increase investment in the oil sector and others in the country. Angola produces about 1.1 million barrels of oil per day.
