Oil Rebounds From Seven-Month Low as Saudis Seek to Stem Slide
Thursday, 8 August 2019 08:24 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil rebounded from the lowest in almost seven months as Saudi Arabia contacted other producers to discuss options to stem the price rout.

Futures rose as much as 2.9% in New York, clawing back some of Wednesday's 4.7% decline. Saudi Arabia won™t tolerate continued price weakness and is considering all options, according to an official from the kingdom who asked not to be identified. That came after a surprise increase in U.S. stockpiles, the first gain in eight weeks, helped push down prices on Wednesday.

West Texas Intermediate oil for September delivery added $1.19, or 2.3%, to $52.28 a barrel on the New York Mercantile Exchange as of 9:02 a.m. in Singapore after advancing as much as $1.46 earlier. The contract slumped $2.54 on Wednesday to the lowest close since Jan. 14, capping an 8.2% slide over three days.

Brent for October settlement climbed $1.16 or 2.1%, to $57.39 a barrel on the ICE Futures Europe Exchange. It plunged 4.6% on Wednesday. The benchmark global crude traded at a premium of $5.13 to WTI for the same month.

Source : Bloomberg

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