Crude oil futures were lower at midday Thursday, giving back early gains after Angola announced it was leaving OPEC, a move that raised doubts over the cartel's ability to support oil prices.

Angolan Oil Minister Diamantino Azevedo said OPEC no longer served the African country's interest. Angola produces an estimated 1.1 million b/d of crude. It is the third country to quit OPEC after Ecuador did so in 2020 and Qatar in 2019.

The NYMEX February West Texas Intermediate crude contract was off by 80cts to $73.45/bbl as of 11:45 a.m. ET and the March WTI contract was 85cts lower at $73.60/bbl. London-based February ICE Brent was off 80cts to $78.90/bbl, and March Brent was 95cts lower at $78.75/bbl.

Gasoline contracts were underperforming diesel. The NYMEX February RBOB contract was down by 4.45cts to $2.1625/gal and January RBOB was 4.65cts lower at $2.1545/gal.

The NYMEX February ULSD contract was off by 1ct to $2.674/gal and January ULSD was down 1.2cts to $2.6965/gal.

In U.S. spot markets, cash gasoline prices in the Pacific Northwest and San Francisco were sharply higher. As midday approached, San Francisco CARBOB's premium to the NYMEX widened by 2.5cts 21cts, putting the outright price at nearly $2.40/gal, the highest price in the U.S.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

December 21, 2023 12:29 ET (17:29 GMT)