Oil rises 1% amid ME tensions

Angola’s decision to leave OPEC raises questions over group’s effectiveness in supporting prices

LONDON:

Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices.

Brent crude futures were up 71 cents, or 0.89%, to $80.10 a barrel at 1140 GMT.

Read Oil drops as Angola announces OPEC exit

US West Texas Intermediate (WTI) crude futures were up 81 cents, or 1.1%, at $74.70 a barrel. At its intra-day peak, WTI traded $1 higher than Thursday’s close.

Both Brent and WTI futures were on track for a near 5% week-on-week gain, buoyed by rising geopolitical risks due to the Red Sea attacks.

Published in The Express Tribune, December 23^rd , 2023.

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