Oil Set for Weekly Decline as Economic Woes Eclipse OPEC Curbs
Friday, 5 July 2019 14:10 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil is set for the biggest weekly decline since May as global demand concerns outweighed an OPEC+ pact to extend supply curbs into 2020 and worries that a renewed confrontation with Iran may threaten supplies.

Futures are down in New York from Wednesday™s close as anxieties over demand resurfaced this week following sluggish economic numbers from the U.S. to China. The bleak figures overshadowed OPEC™s agreement to roll over supply curbs, while the seizure of a tanker carrying Iranian crude to Syria by British special forces on Thursday failed to spur prices.

West Texas Intermediate oil for August delivery dropped 64 cents, or 1.1%, to $56.70 a barrel on the New York Mercantile Exchange as of 7:50 a.m. in London. There was no settlement Thursday due to a holiday in the U.S. and all transactions will be booked Friday. Prices are down 3% so far this week.

Brent for September settlement was unchanged at $63.30 a barrel on the ICE Futures Europe Exchange. Futures are down 4.9% this week. The global benchmark crude traded at a $6.48 premium to WTI for the same month.

Source : Bloomberg

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