Friday, 7 September 2018 17:22 WIB |
Oil is poised for the biggest weekly decline since mid-July as a rout in emerging markets raises contagion fears.
Futures in New York, little changed on Friday, are down 2.9 percent this week. Developing-nation equities slipped into a bear market, increasing concerns that the tumult could sap energy demand. Meanwhile, U.S. government data on Thursday showed crude inventories at Cushing in Oklahoma rose for a fourth week, with total stockpiles of gasoline and distillates also expanding.
West Texas Intermediate for October delivery traded at $67.81 a barrel on the New York Mercantile Exchange, up 4 cents, at 11:04 a.m. in London. It™s set for the biggest weekly drop since July 13. Total volume traded was about 28 percent below the 100-day average.
Brent for November settlement lost 1 cent to $76.49 a barrel on the ICE Futures Europe exchange. It's on course for a 1.2 percent slide this week. The global benchmark crude traded at a $8.91 premium to WTI for the same month.
Source : Bloomberg