Oil reports biggest weekly gain in 2 months on Red Sea attacks, Angola output forecast; Brent settles at $79/bbl | Mint - Mint
Oil reports biggest weekly gain in 2 months on Red Sea attacks, Angola output forecast; Brent settles at $79/bbl | Mint
Crude oil posted the biggest weekly gain since October as attacks in the Red Sea forced hundreds of ships to take safer but longer routes, delaying the delivery of oil cargoes. Oil prices also eased expectations Angola could increase oil output after leaving the Organisation of Petroleum Exporting Countries (OPEC) cartel, but rose for the week on positive US economic news and worries Houthi ship attacks would boost supply costs.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.