Oil Endures Stormy Week as Growth Fears Weighed Against OPEC Cut
Friday, 8 March 2019 10:54 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil struggled to sustain a rally as prices continued to get whipsawed by fears over the health of the global economy and OPEC™s progress in averting a market glut.

Futures in New York retreated 0.6 percent on Friday, paring their advance for the week to 1 percent. Concerns over demand is keeping investors wary, with the European Central Bank cutting its economic forecasts, China reducing its goal for expansion and the OECD lowering its global outlook over the past few days. However, global crude producers are showing unusual discipline in curbing output that risks exacerbating a supply squeeze.

West Texas Intermediate for April delivery declined as much as 0.6 percent to $56.30 a barrel on the New York Mercantile Exchange and were trading at $56.33 a barrel at 11:37 a.m. in Singapore. Prices are up 53 cents this week, after slumping $1.46 in the previous one.

Brent for May settlement was down 48 cents to $65.82 a barrel on the London-based ICE Futures Europe exchange. Prices have gained about 1.2 percent for the week. The global benchmark crude™s premium over WTI for the same month narrowed to $9.16 a barrel.

Source : Bloomberg

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