Oil prices rose in trading on Friday.

The day before, quotes declined on news that Angola had decided to leave OPEC, since it does not meet the interests of the country. However, talk about the importance of Angola in the organization, or in global production, greatly exaggerates the reality. The share of Angolan oil in OPEC production is only 2% and does not reach 1% on a global scale. Moreover, at the last OPEC+ meeting, it was Angola that opposed expanding the production limit. The question of possible actions on the part of Nigeria still remains, but so far the likelihood of this country leaving the oil-producing coalition is quite low.

Oil may end this week with growth. This is directly related to the situation in the Red Sea, where there is a risk of attacks on commercial ships by the Yemeni Houthis. On Tuesday, the United States announced the launch of Operation Prosperity Sentinel, which will involve allied warships. However, the start of the operation did not prevent the majority of shipping companies from abandoning the route through the Suez Canal. Naturally, the route around Africa is almost 2.5 times longer than from the Middle East to Europe through the Suez Canal.

WTI – $74.47 (+0.79%),

Brent – ​​$80.01 (+0.78%),

Gold – $2059.70 (+0.41%).

​“This information is for informational purposes only and does not constitute an individual investment recommendation.”