Oil eased ahead of the Christmas holiday on higher supply from Angola expectations
International benchmarks for crude oil settled the final trading day of the week slightly lower than the previous day on expectations that Angola would gradually ramp up oil production outputs following the split from OPEC+.
International benchmarks for crude oil settled the final trading day of the week slightly lower than the previous day on expectations that Angola would gradually ramp up oil production outputs following the split from OPEC+. However, the oil market registered a weekly gain with support from positive US economic data and intensifying tension in the Red Sea that pushed shipping costs higher.
Brent fell 32 cents on Friday, 22 December to settle at $79.07/barrel.
WTI dropped 33 cents during the session to close at $73.56/barrel.