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Oil prices gain around 1% as Red Sea tension persists

December 21, 2023


Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices.

Brent crude futures were up 71 cents, or 0.89%, to $80.10 a barrel at 1140 GMT ahead of Friday’s earlier 1230 GMT close ahead of the Christmas holiday weekend.

U.S. West Texas Intermediate crude futures were up 81 cents, or 1.1%, at $74.70 a barrel. At its intra-day peak, WTI traded $1 higher than Thursday’s close.