WTIOil down more than $1 a barrel as Angola decides to exit OPEC

WTI crude oil futures fell below $74 per barrel on Thursday, ending a three-day climb due to divisions within OPEC. After 16 years, Angola's departure from OPEC heightened concerns about the organization's ability to stabilize global prices amidst disputes over oil production quotas. Oil prices are on track for their first annual decline since 2020, driven by soaring US production and doubts about OPEC's capability to tighten the market in the upcoming quarter. Energy Information Administration data confirmed that US daily output reached a record-breaking 13.3 million barrels last week. In addition, the Red Sea conflict involving Houthi attacks on ships has caused disruptions in international trade, although the impact on oil supply remains limited for now, as the bulk of Middle East crude is exported through the Strait of Hormuz.