Angola announced departure from OPEC, oil prices dipped
Earlier in the day, both Brent and WTI crude oil benchmarks experienced a sharp decline of over $1 in response to Angola's intention to exit the influential producer group.
In a surprising move, Angola declared its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, citing that continued membership was not in its best interest. This unexpected announcement immediately cast doubt on OPEC's ability to stabilize global oil prices through supply restrictions.
Earlier in the day, both Brent and WTI crude oil benchmarks experienced a sharp decline of over $1 in response to Angola's intention to exit the influential producer group. The uncertainty surrounding OPEC's cohesion and its impact on global oil supplies added pressure to an already volatile market.
Brent crude futures settled down 31 cents/barrel at $79.39/barrel.
WTI crude futures fell 33 cents/barrel to close at $73.89/barrel.