Oil Ends Mixed; Uncertainty Surrounds OPEC's Next Move After Trump's Latest Call For Output Boost
Tuesday, 30 April 2019 02:58 WIB |
ENERGY |Minyak WTIbrent oilOil,Crude Oil
Crude-oil futures ended on a mixed note Monday, with U.S. prices managing to recoup a small portion of last week™s loss, but global benchmark prices failing to hold on to modest gains.
Uncertainty surrounds OPEC™s next move in the wake of U.S. President Donald Trump™s latest call on the Saudis and their allies to boost crude production.
The Saudis may have some difficulty in finding an incentive to raise output, however. The Saudis need an oil price of about $85 a barrel to balance its budget this year, up from a forecast of $73 in September, Bloomberg reported Monday, citing data from the International Monetary Fund.
U.S.-based West Texas Intermediate crude for June delivery rose 20 cents, or 0.3%, to settle at $63.50 a barrel. Prices tumbled 2.9% to settle at $63.30 a barrel on the New York Mercantile Exchange Friday to post a loss of 1.2% for the week, following seven consecutive weeks of gains, according to Dow Jones Market Data.
In contrast, June Brent crude the global benchmark, fell by 11 cents, or 0.2%, to settle at $72.04 a barrel after brief move higher. The contract, which expires at Tuesday™s settlement, fell 3% on Friday.
Source : Marketwatch