Oil Holds Gain Above $71 as Traders Assess U.S.-Saudi Conflict
Tuesday, 16 October 2018 09:39 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil held above $71 a barrel as traders assessed tensions between the U.S. and Saudi Arabia after the disappearance of a regime critic threatened to damage relations between the two nations.

Crude futures in New York were little changed after rising 0.6 percent Monday. Saudi Arabia began an internal investigation into the disappearance of journalist Jamal Khashoggi, with the case threatening to spark a geopolitical crisis. America™s attendance in a Saudi investment conference remains uncertain after an exodus of sponsors and participants. Meanwhile, U.S. crude inventories probably increased for a fourth week, according to a Bloomberg survey of analysts ahead of government data on Wednesday.

West Texas Intermediate for November delivery rose as much as 22 cents to $72 a barrel on the New York Mercantile Exchange, and was at $71.93 at 9:57 a.m. in Singapore. The contract was up 44 cents at $71.78 Monday. Total volume traded was about 42 percent below the 100-day average.

Brent for December settlement climbed 0.4 percent to trade at $81.12 a barrel on the London-based ICE Futures Europe exchange. Prices increased 0.4 percent to $80.78 Monday. The global benchmark crude traded at a $9.26 premium to WTI for the same month.

Source : Bloomberg

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