Friday, 20 July 2018 07:47 WIB |
Oil is headed for a third straight weekly loss as concerns over rising supplies from Saudi Arabia to the U.S. loomed.
Futures in New York added 0.7 percent, paring a weekly loss to 1.5 percent. After Saudi Arabia bolstered production by the most in three years last month under pressure from U.S. President Donald Trump, the kingdom is said to be privately fretting that they may have opened the taps too quickly. Meanwhile, a surprise increase in U.S. crude inventories and signs of rising Libyan output weighed on prices.
West Texas Intermediate crude for August delivery, which expires Friday, traded at $69.97 a barrel on the New York Mercantile Exchange, up 51 cents. Total volume traded was about 71 percent below the 100-day average. The more-active September contract added 4 cents to $68.28.
Brent for September settlement gained 23 cents, or 0.3 percent, to $72.81 on the London-based ICE Futures Europe exchange. Prices on Thursday dropped 32 cents to $72.58. The contract is down 3.4 percent this week. The global benchmark traded at a $4.53 premium to WTI for the same month.