Oil prices are on course for their first weekly increase in eight weeks, a shift in sentiment that was driven in large part by the Federal Reserve pledging to cut interest rates next year. Trading liquidity has evaporated with Christmas being just around the corner and Angola’s sudden parting ways with OPEC failed to swing oil prices in any direction.
With Red Sea diversions becoming the new trend in international shipping, ICE Brent has remained around $80 per barrel whilst WTI moved up to $75 per barrel, marking the second straight week-on-week gain and fully rebounding to levels seen a month ago.
Angola leaves OPEC amidst quota spat. The government of Angola will be leaving OPEC in a political blow to the oil group, saying that membership currently provides the African country with no gains and no longer serves its interests, following in the footsteps Ecuador and Qatar.