Oil Poised for Fourth Weekly Gain as Global Supply Concerns Rise
Friday, 5 October 2018 09:06 WIB | ENERGY |WTIBrentMinyak Mentah

Oil is heading for the longest run of weekly gains since January on concern that higher Saudi and Russian output may not ease a supply crunch as impending U.S. sanctions squeeze Iranian exports.

Futures in New York climbed as much as 0.7 percent, on course for a fourth weekly gain. Prices may hit $100 as soon as this fall given all the uncertainty over Iran, Russian Energy Minister Alexander Novak told radio station Business FM. Still, Saudi Energy Minister Khalid Al-Falih said œWe™re doing everything we can, signaling the kingdom is ready to mitigate a potential loss of supply from the Persian Gulf state.

Oil is near the highest level in four years as Iranian shipments drop, production in Venezuela falls due to an economic crisis and a pipeline bottleneck deters inland American supply from reaching export terminals on the coast. While Saudi Arabia and Russia signaled they may pump more amid growing pressure from U.S. President Donald Trump, doing so could reduce the world™s spare production capacity to historically low levels.

West Texas Intermediate for November delivery advanced as much as 51 cents to $74.84 a barrel on the New York Mercantile Exchange and traded at $74.77 at 9:54 a.m. in Tokyo. The contract fell $2.08 to $74.33 on Thursday. Prices are up 2.1 percent for the week. Total volume traded was about 65 percent below the 100-day average.

Brent for December settlement rose 36 cents to $84.94 a barrel on the London-based ICE Futures Europe exchange. The contract declined $1.71 to $84.58 on Thursday. Prices are up 2.7 percent for the week. The global benchmark crude traded at a $10.28 premium to WTI for the same month.

Source: Bloomberg

RELATED NEWS

Oil Drops Amid Conflicting Reports About Speed of Saudi Recovery
Monday, 23 September 2019 18:08 WIB

Oil fell as traders weighed conflicting reports on whether Saudi Arabia will succeed in restoring its lost production by the end of this month, while concerns over demand returned following gloomy European data. Brent crude fell 0.5%, reversing earlier gains. Saudi Arabia, which has reite...

U.S. Oil Prices Up 6% For The Week, Biggest Weekly Gain in 3 Months
Saturday, 21 September 2019 02:17 WIB

Oil futures ended lower on Friday, but tallied a gain of almost 6% for the week, the largest such rise in three months. As the Saudis reveal the extent of damages from the attacks on oil facilities last weekend, "the market mood has shifted to questioning how quickly production can be restored," Ma...

Oil Set for Biggest Weekly Gain Since January After Saudi Attack
Friday, 20 September 2019 20:23 WIB

Oil in London was on track for its biggest weekly increase since January as traders waited to see whether Saudi Arabia can fulfill promises to swiftly repair critical facilities attacked last weekend. The world's biggest crude exporter has vowed to restore its Abqaiq processing plant and ...

Tensions in Middle East hoist oil prices to largest weekly gain for months
Friday, 20 September 2019 14:19 WIB

Oil prices were on track to jump more than 7% this week, their biggest weekly rise in months, as early trading on Friday saw gains extended on fresh Middle East tensions after a key Saudi Arabian supply hub was knocked out in an attack last weekend. A Saudi-led coalition launched a military operati...

Oil's Rising Again as Iran's Warning of War Ratchets Up Tensions
Friday, 20 September 2019 08:44 WIB

The threat of war in the Middle East is pushing oil prices higher again, capping one of the most dramatic ever weeks for crude markets in which 5% of the world's supplies were cut by attacks on Saudi production facilities. Brent crude for November settlement rose 42 cents, or 0....

POPULAR NEWS
Saturday, 21 September 2019 03:33
Hong Kong Stocks Close Down
Saturday, 21 September 2019 03:27
Wall Street Falls as Trade Optimism Fizzles
Saturday, 21 September 2019 01:24
Gold Futures Score First Weekly Gain in a Month
ANOTHER NEWS
Oil Drops Amid Conflicting Reports About Speed of Saudi Recovery
Monday, 23 September 2019 18:08 WIB Oil fell as traders weighed conflicting reports on whether Saudi Arabia will succeed in restoring its lost production by the end of this month, while concerns over demand returned following gloomy European data. Brent crude fell 0.5%,...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.