Oil Holds Near $60 as U.S. Stockpiles Plunge, Saudis Cut Supply
Thursday, 21 March 2019 18:22 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil held near a four-month high after U.S. crude inventories plunged by the most since July, while Saudi Arabia pressed on with export cuts.

Futures slipped 0.5 percent in New York, having closed above $60 a barrel on Wednesday for the first time since November. U.S. government data showed that nationwide stockpiles declined by 9.59 million barrels, while analysts had expected an increase. The country™s crude exports were near a record high, imports from Saudi Arabia fell by more than half and shipments from Venezuela stopped completely.

West Texas Intermediate for May delivery was at $59.94 a barrel, down 29 cents, on the New York Mercantile Exchange at 10:50 a.m. in London. The April contract gained 1.4 percent to $59.83 before expiring on Wednesday.

Brent for May settlement was down 24 cents to $68.26 a barrel on the London-based ICE Futures Europe exchange, after rising 1.3 percent on Wednesday in a third session of gains. The global benchmark crude was at a premium of $8.33 to WTI.

Source : Bloomberg

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