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West Texas Intermediate crude oil prices are down over 2% on Wednesday, with Brent crude closing in on similar losses on the day as global shipping giants gear up to resume traversing the Red Sea
West Texas Intermediate crude oil prices are down over 2% on Wednesday, with Brent crude closing in on similar losses on the day as global shipping giants gear up to resume traversing the Red Sea
Crude oil prices declined on Monday during thin Christmas trade amid questions about unity among OPEC+ producers and concerns on Red Sea trading routes due to attacks from the Yemeni Houthi rebel group.
Oil prices eased on Friday ahead of the long Christmas holiday weekend on expectations Angola could increase output after leaving Opec, but rose for the week on positive US economic news and worries Houthi ship attacks would boost supply costs.
Angola’s decision to quit Opec because of output quotas raises questions about cartel’s effectiveness