Oil Rally Fizzles as OPEC Again Faces Dilemma Over Trump Tweet
Tuesday, 26 February 2019 13:20 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil is stumbling after a 30 percent rally since Christmas Eve as speculation swirls over whether OPEC will heed Donald Trump™s call to temper prices.

Futures in New York extended losses after sliding 3.1 percent on Monday, the most in four weeks. While crude is still over 25 percent below a four-year high in October, the U.S. president tweeted on Monday that prices are getting too high and called on the Organization of Petroleum Exporting Countries to œrelax and take it easy. Oil™s recovery in 2019 has been propelled by output curbs by OPEC, with top member Saudi Arabia making the deepest cuts.

Last year, the Saudis obliged when Trump urged that taps should be kept open as his administration sought to shrink Iranian exports to zero via sanctions. Then the U.S. eased its hard-line demand that the Persian Gulf state™s customer halt purchases and gave a number of them waivers to buy limited quantities. That American move triggered a 38 percent collapse in crude in the fourth quarter, dealing a blow to the economies of OPEC members.

The group has learned from that mistake and is unlikely to repeat it, according to two oil officials in the Gulf region who asked not to be identified. Still, investors are wary over whether OPEC will be able to defy Trump, who could enforce legislation that shakes the organization to its foundations. The Saudis, meanwhile, are also facing political backlash in the U.S. for the murder of Washington Post columnist and critic Jamal Khashoggi.

West Texas Intermediate for April delivery traded at $55.17 a barrel on the New York Mercantile Exchange, down 31 cents, at 12:06 p.m. in Singapore. The contract decreased $1.78 to $55.48 on Monday, the lowest level since Feb. 14.

Brent for April settlement slid 15 cents to $64.61 a barrel on the London-based ICE Futures Europe exchange. The contract dropped $2.36 to $64.76 on Monday. The global benchmark crude traded at a $9.46 premium over WTI.

Source : Bloomberg

RELATED NEWS

Oil Prices Edge Up on U.S.-China Trade Optimism, But Demand Concerns Cap
Tuesday, 22 October 2019 08:38 WIB

Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U.S.-China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand. Brent crude futures were at $59.10 a barrel by 00:27 GMT, up 14 cents, ...

Oil Futures End Near a 2-Week Low as Investors Fret About Crude Demand
Tuesday, 22 October 2019 02:55 WIB

Oil futures settled at a nearly two-week low Monday, as investors failed to shake worries that growing signs of economic weakness will eventually hurt demand for crude oil. West Texas Intermediate crude for November delivery fell 47 cents, or 0.9%, to end at $53.31 a barrel on the New York Mercanti...

Oil Extends Decline as Concerns Over Global Economy Persist
Monday, 21 October 2019 20:11 WIB

Oil fell again after a weekly loss amid ongoing concern that a fragile economic outlook will continue to weigh on fuel demand. Futures declined 0.6% in New York after dropping 1.7% last week. Policy makers in China, the world™s second-biggest oil consumer, are preparing for two key meetings ...

Oil Prices Fall on Concerns on China's GDP; Russia Misses Output Cut Target
Monday, 21 October 2019 12:39 WIB

Oil prices fell on Monday in Asia amid continued concerns on China's weak GDP growth and reports that Russia missed its target to cut oil output in September. U.S. Crude Oil WTI Futures slipped 0.1% to $53.80 by 1:05 AM ET (05:05 GMT). International Brent Oil Futures also fell 0.2% to $59.24. Data...

Oil Prices Dip on Weak Demand Outlook, Supply Concerns
Monday, 21 October 2019 08:32 WIB

Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month. Global benchmark Brent crude oil futures fell by 10 cents, or 0.2%, to $59.32 a barrel by 01:08 GMT. U.S. crude oil...

POPULAR NEWS
Monday, 21 October 2019 12:31
Gold Prices Inch Down Despite Brexit Worries
Monday, 21 October 2019 15:47
US futures point to slightly higher open
ANOTHER NEWS
British Parliament Speaker Blocks New Brexit Vote
Tuesday, 22 October 2019 10:34 WIB British Parliament Speaker John Bercow on Monday blocked the House of Commons from holding a new vote on Brexit, the latest setback for Prime Minister Boris Johnson in his effort to have Britain divorce itself from the European Union. British...

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.