Crude supplier Angola left opec. 22-12-2023

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Crude brent oil Futures prices for Feb delivery rose 62 cents or 0.78% to $80.01 a barrel while wti oil Feb Futures added 64 cents or 0.86% a barrel on Friday morning during Asian hours at the time of reporting. Both the benchmarks closed below 5% down yesterday. Brent premium over wti widened to $5.5 a barrel during yesterday’s session.

Crude prices index curves Flirt amid jitters over supply disruptions in red sea. Benchmark curves turned up today morning after a dip in the last session. Angola decision to leave opec raised the questions on Supply tightening. The member country has been unhappy over it’s supply quota. Analysts expect supply gaps in Jan due to expected serious Adherence to agreed supply quotas. Bullish sentiment over disruptions in red sea waters continue to outweigh bearish weekly numbers.

Crude Futures are set to login second straight weekly gains. Rig numbers are awaited. ICE and CFTC contract numbers due to publish. U.S rig numbers due today.

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