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Crude oil futures end lower on Friday

23 Dec 2023 Evaluate

Crude oil futures ended lower on Friday ahead of the long Christmas holiday weekend on expectations Angola could increase output after leaving OPEC. However, posted a strong weekly gain amid worries about disruptions in trade due to concerns over Houthi attacks on ships in the Red Sea. According to reports, oil shipments in the Red Sea dropped by more than 40% this week, compared to the average over the previous three weeks.

Benchmark crude oil futures for January delivery fell $0.40 or 0.54 percent to settle at $73.49 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was down by $0.20 or 0.25 percent to settle at $79.19 a barrel on London's Intercontinental Exchange.