Oil Rises as Slower U.S. Stockpile Gain Boosts Risk-Asset Cheer
Thursday, 15 February 2018 13:01 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil is on course for the biggest two-day rally in almost three months as improving risk appetite spilled over into crude just as American stockpiles showed slower-than-expected growth.

Futures are headed for a two-day 3.5 percent gain as they join Asian and U.S. equities higher to recoup losses from last week™s global risk-asset rout. Adding to optimism in the crude market is government data showing American stockpiles grew 1.84 million barrels last week, lower than analysts™ forecasts and less than previous increases.

West Texas Intermediate for March delivery was up 65 cents to $61.25 a barrel at 1:15 p.m. in Singapore after rising 2.4 percent on the New York Mercantile Exchange on Wednesday. Prices are on course for their biggest two-day gain since Nov. 24, recovering some of last week™s 9.6 percent decline. Total volume traded was about 57 percent above the 100-day average.

Brent for April settlement rose 78 cents to $64.86 on the London-based ICE Futures Europe exchange. The global benchmark traded at a $3.73 premium to April WTI.

Source : Bloomberg

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