Oil Falls as U.S.-Venezuela Standoff Eases And Rig Count Rises
Monday, 28 January 2019 07:46 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil fell to near $53 a barrel as a standoff between the U.S. and Venezuela eased, while America™s rig count rose signaling further gains in the nation™s crude production.

Futures in New York dropped as much as 0.9 percent after a three-day surge of 2.1 percent. Venezuela abandoned its decision to sever diplomatic ties with the U.S., defusing tensions after Washington™s decision to recognize National Assembly leader Juan Guaido as the nation™s rightful head of state. Meanwhile, working oil rigs in the U.S. rose for the first time this year, according to data released Friday by oilfield-services provider Baker Hughes.

WTI for March delivery falls as much as 49c to $53.20/bbl on Nymex, trades at $53.38/bbl at 9:20am in Tokyo. Contract +56c to $53.69 on Friday.

March Brent fell 28c to $61.36/bbl on ICE Futures Europe exchange. Contract +55c to $61.64 on Friday. Brent trades at $8 premium to WTI.

Source : Bloomberg

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