Oil Set for 2nd Weekly Gain After Surprise U.S. Inventory Drop
Friday, 23 February 2018 08:49 WIB |
ENERGY |Minyak WTIMinyak jenis Brent
Oil was poised for a second weekly advance after U.S. crude inventories unexpectedly declined, easing concerns that surging American output will add to a global glut.
Futures were little changed in New York, trading above $62 a barrel after closing at the highest level in two weeks. Nationwide stockpiles slid by 1.62 million barrels last week, the largest draw in five weeks, according to Energy Information Administration data. That contrasted with a 2.9 million gain forecast in a Bloomberg survey.
West Texas Intermediate for April delivery was down 12 cents at $62.65 a barrel on the New York Mercantile Exchange at 10:16 a.m. Seoul time. The contract rose $1.09 to close at $62.77 on Thursday. Prices are 1.6 percent higher on the week. Total volume traded was about 60 percent below the 100-day average.
Brent for April settlement slid 0.2 percent to $66.23 a barrel on the London-based ICE Futures Europe exchange. Prices are up 2.4 percent this week, also set for a second weekly gain. The global benchmark crude was at a $3.58premium to WTI.