Investing.com — Oil prices fell Thursday after Angola decided to exit the Organization of the Petroleum Exporting Countries (OPEC), pointing to a further weakening in the “OPEC put,” stoking worries about the oil producer cartel’s ability to collectively support oil prices by limiting production.   By 14:30 ET (19:30 GMT), the futures settled…

By Nicole Jao NEW YORK (Reuters) – Oil prices settled lower on Thursday after Angola said it would exit the Organization of the Petroleum Exporting Countries (OPEC), raising questions about the producer group’s efforts to support prices by limiting global supplies. futures settled down 31 cents at $79.39 a barrel.…

BEIJING (Reuters) – China’s steel demand in 2023 will decline by 3.3% from 2022 and contract a further 1.7% in 2024, a state researcher forecast on Friday, weighed down by a significant drop in construction activity. The world’s top steel producer will consume 890 million metric tons this year, officials…

Investing.com– Gold prices rose on Friday, extending gains from the prior session after a mild downgrade to third-quarter U.S. GDP and soft labor market data put the dollar at four-month lows. Focus was now squarely on key inflation data due later in the day for more affirmation that the Federal…

By Wendell Roelf CAPE TOWN (Reuters) – Shipping companies sailing around the Cape of Good Hope to avoid Houthi attacks on the Red Sea face tough choices over where to refuel and restock, as African ports struggle with red tape, congestion and poor facilities, companies and analysts say. Hundreds of…

By Joe Cash BEIJING (Reuters) – Angola’s decision to leave the Organization of the Petroleum Exporting Countries could open the way for Beijing to increase investment in the country’s oil and other sectors, as part of a deepening of decades-old ties. Angola said on Thursday it was leaving OPEC, effective…

By Timothy Gardner WASHINGTON (Reuters) -The U.S. proposed rules on Friday for how energy companies can access billions of dollars in tax credits for producing low-carbon hydrogen using new clean energy sources but left thorny issues, such as how nuclear power could benefit, uncertain. The credit will be based on…

By Georgina McCartney and Arathy Somasekhar HOUSTON (Reuters) – At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks…

By Scott DiSavino NEW YORK (Reuters) – Oil prices eased on Friday ahead of the long Christmas holiday weekend on expectations Angola could increase output after leaving OPEC, but rose for the week on positive U.S. economic news and worries Houthi ship attacks would boost supply costs. futures fell 32…

Investing.com– Oil prices settled lower on Friday, but notched a second-weekly gain following a volatile trading week as traders weighed supply disruptions driven by attacks on vessels in the Red Sea, while Angola’s exit from the Organization of Petroleum Exporting Countries sparked some concern about OPEC cohesion and its ability…