Oil down more than  as Angola exits OPEC cartel; Brent drops to /bbl

Oil prices fell by more than $1 per barrel on Thursday, December 21, after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC) cartel. Angola’s oil minister Diamantino Azevedo said the country’s membership in OPEC was not serving its interests. Brent crude futures were down $1.30,Read More →

Oil prices soar on new US task force to protect Red Sea vessels

Oil prices witnessed a substantial rise on Tuesday, December 19, building upon the momentum from the preceding session. The uptick followed attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea, causing disruptions in maritime trade and prompting companies to redirect their vessels. According to a Reuters report,Read More →

Oil down 2%, posts weekly loss as investors see limited effect of OPEC+ cuts

Oil prices declined more than 2 per cent in the previous session as investors remained cautious over the depth of supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+). Concerns over sluggish global manufacturing activity also weighed on market sentiments. Brent crude futures for FebruaryRead More →