Luanda: A barrel of Brent oil opened trading at $65.22 on the international market, following a previous session close at $65.34, marking a 0.74% appreciation.
According to Angola Press News Agency, crude oil futures prices for August delivery dipped to a low of $64.60 and peaked at $65.85 on Thursday, as reported by the specialized website Investing.com. Brent futures saw a slight decline of 0.1% to $65.27 per barrel, and West Texas Intermediate (WTI) futures experienced a similar drop to $62.39 per barrel.
In early trading hours, market prices decreased during Asian trading sessions. Traders expressed concerns over slow growth and a weakened demand, though losses were somewhat mitigated by increased military tensions between Russia and Ukraine.
Brent oil serves as a reference for Angola’s exports. The Angolan State Budget for the 2025 financial year was formulated with a benchmark price of $70 per barrel and an anticipated production level of 1.098 million barrels of oil per day.