Crude oil futures ended lower on Thursday after Angola's decision to exit OPEC raised concerns about the oil cartel's ability to support prices by curbing output. Angola's oil minister Diamantino Azevedo said the country's membership in OPEC was not serving its interests. At a meeting in November, Angola had protested a decision by OPEC to cut its production quota for 2024 to help prop up oil prices. Besides, data showing a buildup in U.S. petroleum supplies and record domestic production also weighed on oil prices.
Benchmark crude oil futures for January delivery fell $0.33 or 0.44 percent to settle at $73.89 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was down by $0.31 or 0.38 percent to settle at $79.39 a barrel on London's Intercontinental Exchange.