Oil retreats, threatens to snap weekly string of wins
Friday, 6 July 2018 19:25 WIB | ENERGY |MinyakWTIBrentOil,

Crude-oil prices retreated early Friday and were on track to book a weekly loss for the first time in three weeks, a day after the U.S. benchmark contract suffered its lowest settlement in more than a week amid signs of rising domestic supplies.

Investors have contended with calls by President Donald Trump for the Organization of the Petroleum Exporting Countries to lower prices that have climbed across a multiweek rally, fueled by disruptions to supply and efforts by the oil cartel to reduce a glut of oil that punished prices in recent years.

August West Texas Intermediate crude on the New York Mercantile Exchange, the U.S. benchmark, fell 55 cents, or 0.8%, to $72.39 a barrel. September Brent crude the global benchmark, shed 77 cents, or 0.8%, to $76.65 a barrel on the ICE Futures Europe exchange.

For the week, WTI oil is set to shed 2.4%, while Brent is on track for a weekly slide of 3.5%, according to FactSet data. Both contracts had logged back-to-back weekly gains.

Source : Marketwatch

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