Oil Closes Lower after Angola's Decision to Exit OPEC

Oil futures fell at the close of trading on Thursday, as markets evaluated Angola's decision to exit Organization of the Petroleum Exporting Countries (OPEC), which renewed concerns about the efforts of the organization in supporting prices by limiting global supplies.

Angola announced its withdrawal from OPEC, after a series of disputes over oil production quotas for a number of African countries.

Brent crude futures for February delivery fell by 0.4%, or 31 cents, at $79.39 per barrel, after touching $77.81.

While the price of US Nymex crude for February delivery fell by 0.45%, or 33 cents, to $73.89 a barrel, after touching $72.44 during the session.

Angolan Oil Minister Diamantino Azevedo said that his country's membership in OPEC does not serve its interests. Angola produces about 1.1 million barrels per day, compared to the entire group's production of 28 million barrels per day.