Oil Steadies Near 4-Year High as Supply Fears Counter Stockpiles
Wednesday, 3 October 2018 13:56 WIB | ENERGY |MinyakWTIBrentOil,

Oil steadied near the highest level in almost four years as supply crunch fears outweighed expectations for an increase in American crude inventories.

Futures in New York were little changed to trade near $75 a barrel. Supply losses from Iran to Venezuela continued to rattle markets, boosting volatility and driving prices to the highest since November 2014. The ongoing outlook for a tightening of crude market.

West Texas Intermediate for November delivery traded 7 cent higher at $75.30 at 2:34 p.m. in Singapore. The contract closed down 0.1 percent Tuesday after rising to the highest close since Nov. 24, 2014 in the previous session. Total volume traded was about 37 percent below the 100-day average.

Brent for December settlement was up 9 cents at $84.89 a barrel on the London-based ICE Futures Europe exchange. The contract dropped 0.2 percent to $84.80 a barrel on Tuesday. The global benchmark crude traded at a $9.75 premium to WTI for the same month.

Source : Bloomberg

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