Oil Ends Week With a Rally After OPEC Agrees to Smaller-Than-Expected Production Boost
Saturday, 23 June 2018 03:03 WIB |
ENERGY |Minyak WTIbrent oilOil,Crude Oil
Oil prices rallied Friday, with U.S. prices jumping nearly 6% for the week, as OPEC members agreed to raise output, but by an amount that appears to be less than traders had anticipated.
August West Texas Intermediate crude on the New York Mercantile Exchange rose $3.04, or 4.6%, to settle at $68.58 a barrel, for its highest finish in about a month.
Prices for the contract, which became the front-month futures contract at Wednesday™s settlement, finished nearly 5.8% higher for the week.
August Brent crude climbed $2.50, or 3.4%, to $75.55 a barrel, rebounding from Thursday™s finish at $73.05, which was the lowest for the international benchmark since April 17. The contract notched a weekly rise of roughly 2.9%.
Source : Marketwatch