Luanda: Oil prices opened at US$66.49 on Monday, marking a minor increase in the international market for Brent oil. This follows the conclusion of sales negotiations on Sunday, which closed at US$65.50, reflecting a 0.05% increase.
According to Angola Press News Agency, the oil price experienced a notable rise of more than US$1 per barrel on Friday, marking its first gain in three weeks. This increase was driven by a favorable US jobs report and the resumption of trade negotiations between the US and China. On Friday, Brent oil futures closed at US$66.47 per barrel, rising by US$1.13, or 1.73%, while US West Texas Intermediate (WTI) oil closed at US$64.58, up US$1.21, or 1.91%.
Both benchmark indexes concluded the week with gains after experiencing declines for two consecutive weeks. Brent showed a weekly increase of 2.75%, while WTI was trading 4.9% higher. Brent oil serves as a reference for Angola’s exports, a country that projected its General State Budget for 2025 with a price assumption of US$70 per barrel and an estimated production of 1,098,000 barrels per day.