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 logs a weekly loss amid worries about rise in supplies
Saturday, 14 September 2019 02:24 WIB

Oil futures finished lower on Friday, with both U.S. and international benchmark crude posting sizable weekly falls as worries about the prospect of rising inventories appeared to overshadow a U.S.-China tariff detente. West Texas Intermediate crude for October delivery fell 24 cents, or 0.4%, to s...

Oil drifts higher, but crude set for weekly stumble amid worries about rise in supplies
Friday, 13 September 2019 20:11 WIB

Oil futures inched higher Friday, but both U.S. and international benchmark crude were headed for sharp weekly falls as worries about the prospect of rising inventories appeared to overshadow a momentary U.S.-China tariff detente. West Texas Intermediate crude for October delivery picked up 32 cent...

Oil declines on global demand worries despite hopes on trade talks
Friday, 13 September 2019 13:10 WIB

Oil futures fell on Friday as concerns about global growth and slowing demand lingered despite hints of progress on U.S.-China trade talks, setting up prices for weekly losses after days of swinging back and forth. Brent crude (LCOc1) was down 18 cents, or 0.3%, at $60.20 a barrel by 04:42 GMT, whi...

Oil set for weekly drop as IEA warns OPEC faces looming surplus
Friday, 13 September 2019 08:24 WIB

Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts. Futures edged lower in New York and were down 2.8% for the week. OPEC+ faces a s...

Oil Tanks Again as Iran Fears Top Resolute OPEC
Friday, 13 September 2019 02:50 WIB

Barely a week after appearing like they'd won the market back, oil bulls were at a loss again on Thursday as crude prices tumbled for a third-straight day on concerns that sanctioned Iranian supplies might come roaring back. New York-traded West Texas Intermediate crude, the U.S. benchmark blend, s...

ANOTHER NEWS
Hong Kong Shares End Week With Sharp Gains
Saturday, 14 September 2019 03:26 WIB Hong Kong stocks finished Friday with a flourish as investors were cheered by easing tensions in the China-US trade row while also betting on another interest rate cut by the Federal Reserve next week. The Hang Seng Index jumped 0.98 percent, or...

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.