Oil prices experienced a decline following Angola’s announcement to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) after 16 years of membership.

Brent crude futures settled down 31 cents at $79.39 a barrel. U.S. West Texas Intermediate crude futures fell 33 cents to $73.89 a barrel.

Earlier in the session, both benchmarks were down by more than $1 after Angola said it was planning to leave the group, Reuters reported.

Angola’s Oil Minister Diamantino Azevedo said the Organization of the Petroleum Exporting Countries no longer served the country’s interests.

Source: Business Insider