Oil Heads for Second Weekly Loss as Trump
Friday, 9 March 2018 08:33 WIB | ENERGY |MinyakWTIBrentOil,

Oil headed toward a second weekly decline on lingering concerns U.S. shale output will worsen a global glut and as investors weighed President Donald Trump's decision on trade tariffs.

Oil has been struggling to recoup losses from a broader market rout in risk assets. As well as concerns over the boom in U.S. shale, Trump's aggressive trading policies has raised fears of a global trade war. Meanwhile OPEC, which is continuing with its output cuts to help clear oversupply, said the group will be very conscious of "gradually" reintroducing crude supply after their agreement expires at the end of this year.

West Texas Intermediate for April delivery rose as much as 30 cents to $60.42 a barrel on the New York Mercantile Exchange and traded at $60.37 at 9:59 a.m. in Tokyo. The contract dropped 91 cents this week. Total volume traded was about 80 percent below the 100-day average.

Brent for May settlement climbed 0.5 percent to $63.93 a barrel on the London-based ICE Futures Europe Exchange. The global benchmark traded at a $3.60premium to May WTI.

Source : Bloomberg

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