Oil Holds Near 2-Month High on Venezuela Risk, Lower OPEC Output
Monday, 4 February 2019 19:16 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil held gains near a two-month high after data showed U.S. production growth slowing at a time when OPEC cuts and American sanctions on Venezuela have already eased concerns over a supply glut.

Futures in New York rose as much 0.9 percent to reach the highest intraday level since Nov. 21, after adding 2.7 percent Friday. OPEC™s crude output fellthe most in two years in January, according to a Bloomberg survey of officials, analysts and ship-tracking data. The number of active oil rigs in the U.S. dropped to the lowest level in almost nine months, data released Friday by oilfield-services provider Baker Hughes show.

West Texas Intermediate crude for March delivery rose 3 cents to $55.29 on the New York Mercantile Exchange at 11:15 a.m. in London. The contract increased $1.47 to $55.26 on Friday.

Brent for April settlement climbed 26 cents to $63.10 a barrel on the London-based ICE Futures Europe exchange. The contract advanced $1.91 to $62.75 on Friday. The global benchmark crude was at a $7.55 premium to WTI for the same month.

Source : Bloomberg

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