Oil Set for Biggest Weekly Loss Since February on Supply Concern
Friday, 2 November 2018 09:17 WIB | ENERGY |MinyakWTIBrentOil,

Oil is poised for the biggest weekly loss since February on concerns that supply is growing at a time when speculation is increasing that U.S. sanctions on Iran won't cut the OPEC producer's exports to zero.

Futures in New York were little changed, on course for a 6.2 percent weekly loss. The Organization of Petroleum Exporting Countries increased production in October to the highest level since 2016 while Russia was said to raise output to a post-Soviet record. Meanwhile, India and South Korea were said to agreewith the U.S. on the outline of waivers from sanctions to keep importing some Iranian oil.

West Texas Intermediate for December delivery traded at $63.42 a barrel on the New York Mercantile Exchange, down 27 cents, at 10:32 a.m. in Tokyo. The contract fell $1.62 to $63.69 on Thursday. Total volume traded was 32 percent below the 100-day average.

Brent for January settlement traded at $72.72 a barrel on the London-based ICE Futures Europe exchange, down 17 cents. The contract has declined 6.3 percent this week. The global benchmark crude traded at $9.15 premium to WTI for the same month.

Source: Bloomberg

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