Oil Rises Toward $70 After Stockpile Drop and Saudi Ship Attack
Thursday, 26 July 2018 09:47 WIB | ENERGY |MinyakWTIBrentOil,

Oil held gains above $69 a barrel as U.S. crude and gasoline stockpiles plunged, and as top exporter Saudi Arabia temporarily halted shipments via the Bab el-Mandeb Strait after tanker attacks.

Futures advanced as much as 0.6 percent in New York, after gaining 1.1 percent on Wednesday. U.S. crude inventories dropped to the lowest since 2015 last week and gasoline supplies slid for a fourth week. In the Middle East, two Saudi vessels were attacked by Yemeni Houthi militia members. While there were no injuries or oil spills, the kingdom suspended shipments through the waterway linking the Red Sea with the Arabian Sea for safety reasons.

The drop in stockpiles and supply uncertainty is helping crude recover some of its recent losses driven by concerns that a trade spat between the U.S. and China will hurt demand. While OPEC and its allies last month agreed to pump more, speculation is swirling over how Iran™s exports will be affected by President Donald Trump™s decision to renew sanctions on the Persian Gulf state. Saudi Arabia is said to be fretting that it may have opened its taps too quickly.

West Texas Intermediate crude for September delivery rose as much as 44 cents to $69.74 a barrel on the New York Mercantile Exchange and traded 17 cents higher at $69.47 at 9:43 a.m. in Singapore. Total volume traded was about 21 percent below the 100-day average.

Brent for September settlement added 66 cents, or 0.9 percent, to trade at $74.59 a barrel on the London-based ICE Futures Europe exchange, after rising 0.7 percent on Wednesday. The global benchmark crude traded at a $5.10 premium to WTI.

Source : Bloomberg


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