WASHINGTON (dpa-AFX) - Oil futures snapped a three-day winning streak on Thursday after Angola's decision to exit the OPEC raised concerns about the oil cartel's ability to support prices by curbing outputs.
Data showing a buildup in U.S. petroleum supplies and record domestic production weighed as well on oil prices.
The report from U.S. Energy Information Administration (EIA) said U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, up from the previous all-time high of 13.2 million barrels per day.
West Texas Intermediate Crude oil futures for February ended down $0.33 at $73.8 a barrel.
Brent crude futures were down $0.44 or 0.55% at $79.26 a barrel a little while ago.
Angola's oil minister Diamantino Azevedo said the country's membership in OPEC was not serving its interests. At a meeting in November, Angola had protested a decision by OPEC to cut its production quota for 2024 to help prop up oil prices.
Angola, one of the smallest producer in the group, produces around 1.1 million barrels per day (bpd), compared with 28 million bpd for the whole group. It is expected that the country's exit from the group will have only a limited impact on global supplies.
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