Oil Jumps as OPEC Signals Continued Cuts and U.S. Threatens Iran
Monday, 20 May 2019 08:51 WIB | ENERGY |Minyak WTIMinyak WTI Berjangka

Oil started the week strong after Saudi Arabia and other OPEC+ members signaled intentions to keep supplies constrained for the rest of the year, while U.S. tensions with Iran ratcheted up as President Donald Trumpthreatened the country in a tweet.

Futures in New York rose as much as 1.3%, following a 1.8% gain last week. Saudi energy minister Khalid Al-Falih urged members of the alliance meeting in Jeddah to œstay the course on output cuts. Meanwhile, just weeks after the U.S. increased sanctions pressure on Iranian crude exports, Trump tweeted œIf Iran wants to fight, that will be the official end of Iran.

West Texas Intermediate crude for June delivery rose as much as $1.05 cents to $63.81 a barrel on the New York Mercantile Exchange at 9:19 a.m. in Singapore. The contract added 1.8% last week, the biggest weekly increase since early April. The contract expires after end of trading Tuesday. The more actively traded July contract rose to as high as $63.96.

Brent for July settlement rose $1.07 cents to $73.28 a barrel on the London-based ICE Futures Europe exchange. The contract added 2.3% last week. The global crude benchmark traded at a $9.50 premium to WTI for the same month.

Source: Bloomberg

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