Oil Heads for Biggest Weekly Gain Since July on Mideast Tensions
Friday, 13 April 2018 07:59 WIB | ENERGY |MinyakWTIBrentOil,

Oil was set for the biggest weekly advance in more than eight months amid speculation tensions in the Middle East could lead to supply disruptions and OPEC said its output declined further.

Futures have gained 7.7 percent this week in New York. President Donald Trump met with his national security team on Thursday to discuss a U.S. response to an apparent chemical weapons attack in Syria as U.K. Prime Minister Theresa May's cabinet said it™s "vital" to respond to the incident. Meanwhile, the Organization of Petroleum Exporting Countries said its output last month fell to the lowest in a year.

West Texas Intermediate for May delivery traded down 21 cents at $66.86 a barrel on the New York Mercantile Exchange as of 9:26 a.m. in Tokyo, set for the biggest weekly advance since late July. Total volume traded was about 45 percent below the 100-day average.

Brent for June settlement slipped 16 cents to $71.86 a barrel on the London-based ICE Futures Europe exchange, set for a 7.1 percent weekly advance. Prices slipped 4 cents to close at $72.02 a barrel on Thursday. The global benchmark crude traded at a $5.09 premium to June WTI.

Source : Bloomberg

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