Crude remains down on the day but has erased some of its losses after data from Baker Hughes showed a second consecutive week of falling US rig counts.

• WTI FEB 24 down -0.7% at 73.71$/bbl
• WTI-Brent down -0.09$/bbl at -5.43$/bbl
• WTI FEB 24-MAR 24 up 0.07$/bbl at -0.16$/bbl
• WTI MAR 24-APR 24 up 0.06$/bbl at -0.11$/bbl
• US total oil and gas rig counts fell by 3 to 620, according to Baker Hughes Dec. 21. Total US oil rigs fell by 3 on the week to 498.
• Angola’s announcement that it was leaving OPEC has raised questions about the ability of the group to enforce its planned additional output cuts, which has been weighing on prices during the day.
• Shortly after the meeting, Angola’s OPEC governor Estevao Pedro said the country is not planning to stick to its new OPEC+ quota of 1.11mbpd for 2024 and will instead produce 1.18mbpd.