Oil futures settled lower on Friday, losing for a second straight day, but still 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.
Meanwhile, at least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were reportedly re-routing from the Red Sea, according to vessel tracking data.
West Texas Intermediate Crude oil futures for February ended down $0.33 at $73.56 a barrel.
Brent crude futures were down $0.36 at $78.80 a barrel at close.
Oil prices had slipped on Thursday after Angola's decision to leave the Organization of the Petroleum Exporting Countries (OPEC) citing disagreements over the country's oil output quota for 2024. Although Angola's oil output is not any significantly high, the decision has raised doubts about the oil cartel's ability to support prices by curbing output.
