Oil set for weekly drop as IEA warns OPEC faces looming surplus
Friday, 13 September 2019 08:24 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

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 significant challenge in managing the market in 2020 as production surges from their competitors, according to the IEA. While the Organization of Petroleum Exporting Countries didn™t discuss deepening curbs in Abu Dhabi Thursday, they did put pressure on members to implement promised cuts.

West Texas Intermediate crude for October delivery lost 12 cents, or 0.2%, to $54.97 a barrel on the New York Mercantile Exchange at 9:06 a.m. in Singapore. The contract fell 66 cents to to $55.09 on Thursday.

Brent for November settlement dropped 15 cents, or 0.3%, to $60.23 a barrel on the ICE Futures Europe Exchange. The contract is down 2.2% this week. The global benchmark traded at a $5.30 premium to WTI for the same month.

Source : Bloomberg

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