Oil rises, heads for second weekly gain

Oil drilling rigs

Oil settled lower on Friday after Angola said it would exit the Organization of the Petroleum Exporting Countries (OPEC) and Red Sea tensions led to supply disruptions.

 

Brent crude for February delivery fell 0.4%, or $0.32, to settle at $79.07 a barrel, but recorded a second-weekly gain of 3.3%. Meanwhile, March-delivery contracts fell to $78.8.

 

WTI contracts for February delivery also dropped 0.45%, or $0.33, to $73.56 a barrel, with a weekly gain of 2.5%.  

 

The US drilling rig count fell three units to 498 in the week ended Dec. 21, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Russia promised to deepen the voluntary cuts of oil and products exports under OPEC+ cooperation agreement in the first quarter of 2024 by 200,000 bpd to 500,000 bpd, Reuters reported, citing sources familiar with the matter. 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
73.60
(0.38) (0.52%)
Nymex
70.46
(1.98) (2.74%)

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request