Oil futures snap back for second session after dipping into bear market this week
Friday, 7 June 2019 19:30 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil futures climbed sharply for a second straight session Friday, with bulls cheered by trade developments even as worrisome demand factors mix with news that domestic supplies hit a nearly two-year high, a combo that sent U.S. benchmark crude into bear territory this week.

Early Friday, West Texas Intermediate crude for July delivery rose 70 cents, or 1.3%, to $53.29 a barrel on the New York Mercantile Exchange, moving away from the five-month lows hit earlier this week. WTI is headed for a narrowly lower finish for the week.

WTI prices remained about 20% below the most recent high of $66.30 on April 23, according to Dow Jones Market Data. A bear market is traditionally marked by a drop of 20% or more from a recent high.

International benchmark August Brent was up $1.03, or 1.7%, at $62.70 a barrel on ICE Futures Europe. Before the late-week rebound, front-month contract prices logged their lowest finish since Jan. 28 at midweek, nearly dropping back below $60. Brent prices are trading about 17% below their settlement high seen in April. A finish below $59.656 would mark Brent™s entry into a bear market. Front-month futures are down about 6.8% for the week.

Source : MarketWatch

RELATED NEWS

Oil Prices Slip as Gulf of Mexico Production Restarts, U.S. Output Weighs
Tuesday, 16 July 2019 19:25 WIB

Oil prices dipped on Tuesday as oil rigs in the Gulf of Mexico underwent the process to restart production following Hurricane Barry, while escalating U.S. output weighed ahead of weekly inventory data. New York-traded West Texas Intermediate crude futures dropped 7 cents, or 0.1%, to $59.51 a barr...

Oil prices end lower after last week's gains as Gulf storm threat passes
Tuesday, 16 July 2019 03:16 WIB

Oil futures settled lower Monday, giving back a portion of last week's sizable gains, as production in the Gulf of Mexico began a post-storm recovery. August West Texas Intermediate crude fell by 63 cents, or 1.1%, to settle $59.58 a barrel on the New York Mercantile Exchange, pulling back after fi...

Oil Prices Hold Gains after Chinese Data
Monday, 15 July 2019 19:08 WIB

Oil prices traded higher on Monday as positive data from China outweighed the country's slowing economy, providing hopes that demand for oil will remain intact. New York-traded West Texas Intermediate crude futures gained 16 cents, or 0.3%, to $60.37 a barrel by 7:38 AM ET (11:38 GMT), while Brent ...

U.S. Oil Ends Week Up 5%, But Gulf of Mexico Storm Provides Little Support
Saturday, 13 July 2019 02:20 WIB

U.S. oil futures ended the week with nearly 5% gain Friday, as ongoing tensions between the U.S. and Iran continued to raise the risk to oil flow in the Middle East. Prices for the session, however, barely budged despite further storm-related declines in Gulf of Mexico oil and natural-gas productio...

Oil Prices on Track for Weekly Jump as Storm Fears Trump Supply Glut Concerns
Friday, 12 July 2019 19:32 WIB

Oil prices were on track for a sharp weekly gain as concerns over tropical storm Barry hitting supply outweighed worries of a global supply glut. New York-traded West Texas Intermediate crude futures gained 7 cents, or 0.1%, to $60.27 a barrel by 7:57 AM ET (11:57 GMT), while Brent crude futures, t...

ANOTHER NEWS
Oil Prices Slip as Gulf of Mexico Production Restarts, U.S. Output Weighs
Tuesday, 16 July 2019 19:25 WIB Oil prices dipped on Tuesday as oil rigs in the Gulf of Mexico underwent the process to restart production following Hurricane Barry, while escalating U.S. output weighed ahead of weekly inventory data. New York-traded West Texas Intermediate...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.