Crude oil futures settle at $73.56

The price of crude oil futures are settling at $73.56, down -$0.33 or -0.45%.

The high price reached $74.95. The low price extended to $73.41.

For the trading week, crude is up for the second consecutive week. The price is up $1.81 or 2.53%. Last week the price rose $0.54 or 0.75%.

For the trading year, the price is down around -$6.92 or -8.60%.

This week, Angola announce that they were leaving OPEC+ due to disputes on production quotas. Angola’s quota is about 1.1 million barrels or around 2% of OPEC+ output.

The weekly inventory data show that:

• Crude stocks had a build of 2.909 million versus estimates of a drawdown of -2.283 million
• Gasoline stocks had a build of 2.710M vs estimates of a build of 1.233M
• Distilates showed a build of 1.485M vs estimates of a build of 0.496M