From Dow Jones & Company:



Oil futures ended the week slightly lower, but still managed to book weekly gains, as concerns over disruptions to shipments in the Red Sea remained. However, worries around the supply outlook, potentially amplified by Angola’s exit from OPEC, limited upside. West Texas Intermediate crude for February delivery lost 33 cents, while February Brent crude fell 32 cents. January gasoline and heating oil also experienced drops, while January natural gas gained. The disruptions in the Red Sea, stemming from attacks by Iran-backed Houthi rebels, have led several shipping companies to suspend shipments in the area. Additionally, Angola’s departure from OPEC has raised questions about the cartel’s unity and harmony. Although this move is unlikely to have an immediate impact on prices, it suggests that cracks may be forming in OPEC. If larger producers were to follow Angola’s lead, prices could face downward pressure. Overall, the oil market is influenced by a combination of geopolitical tensions, supply disruptions, and concerns about OPEC’s cohesion.



Original: Oil prices score weekly gain as worries rise over Red Sea