Oil futures finished higher Wednesday, with the global crude prices posting its highest settlement in two weeks, as investors focused on rising Middle East tensions, despite an unexpected climb in U.S. crude supplies and signs of sluggish oil demand.
Against that backdrop, the global benchmark, July Brent added 53 cents, or 0.7%, to settle at $71.77 a barrel on ICE Futures Europe”the highest finish for a front-month contract since May 1, according to Dow Jones Market Data. West Texas Intermediate crude for June delivery tacked on 24 cents, or 0.4%, to settle at $62.02 a barrel on the New York Mercantile Exchange, the highest finish since May 8.
U.S. crude supplies rose by 5.4 million barrels for the week ended May 10, according to a report from the Energy Information Administration released Wednesday. Analysts and traders expected a fall of 1.4 million barrels, on average, according to a Wall Street Journal survey.
Source : MarketWatch
RELATED NEWS
U.S. oil futures post biggest weekly rise since June
Saturday, 7 December 2019 03:13 WIBOil futures settled higher on Friday, with U.S. prices up more than 7% for the week to mark their highest weekly percentage climb since June. Prices got a lift after the Organization of the Petroleum Exporting Countries and its allies announced an agreement to cut production by an additional 500,00...
Oil on track for weekly gain as OPEC+ set to confirm supply cut
Friday, 6 December 2019 19:31 WIBOil prices fell on Friday, but were set for weekly gains ahead of the OPEC+ meeting which kicked off Friday in Vienna. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply as...
Oil futures end mixed as traders await confirmation of deeper production cuts
Friday, 6 December 2019 03:12 WIBOil futures ended on a mixed note Thursday, with U.S. prices settling unchanged for the session and global prices higher, as traders awaited a decision on output from major oil producers, following reports that OPEC and its allies have recommended cutting production by another 500,000 barrels a day....
Oil rises as OPEC weighs deeper output cuts
Thursday, 5 December 2019 19:00 WIBOil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies led by Russia by more than 4...
Oil futures settle sharply higher as U.S. crude supplies drop, traders await OPEC output decision
Thursday, 5 December 2019 03:17 WIBOil futures settled sharply higher on Wednesday, with U.S. prices at their highest finish in almost two weeks as U.S. government data showed the first decline in domestic crude supplies in six weeks. Traders also weighed the possibility that the Organization of the Petroleum Exporting Countries and...
Gold prices recoup some of their recent losses ahead of U.S. jobs data
Hong Kong stocks end with healthy gains (Review)
Aussie Data Dump: Retail Sales, ( 0% vs 0.3% exp ) Trade Balance, ( 450M vs 6100M exp )
U.S. Stocks Shrug Off Trade Deal Concerns, Close Higher
France Braces for Nationwide Strikes
Hong Kong stocks finish week on positive note (Review)
Saturday, 7 December 2019 04:32 WIB
Hong Kong closed more than one percent higher Friday, boosted by renewed hopes that China and the United States will eventually reach a partial trade deal.
The Hang Seng index added 1.07 percent, or 281.33 points, to 26,498.37.
The benchmark...