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

RELATED NEWS

Oil prices end lower after unexpected climb in weekly U.S. crude inventory data
Thursday, 12 December 2019 03:31 WIB

Oil futures finished lower on Wednesday after U.S. government data showed an unexpected climb in domestic supplies of crude oil, as well as sizable gains in gasoline and distillate stockpiles. Prices showed little reaction to the Federal Reserve™s decision to hold its benchmark interest rate unch...

Oil Falls From 12-Week High as Report Shows U.S. Stockpile Build
Wednesday, 11 December 2019 08:35 WIB

Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to concerns over weakening demand. West Texas Intermediate for January delivery fell 32 cents, or 0.5%, to $58.92 a barrel on the New York Mercantil...

Oil Prices Recoil as Specter of Trade War, Weaker Demand Haunts Market
Tuesday, 10 December 2019 12:47 WIB

Oil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC's agreement with associated producers at the end of last week to deepen crude output cuts in early 2020. Brent futures were down 14 cents, or 0.2%, at $64.11 per ba...

Oil Steady as Stockpile Drop Forecast Weighed Against Trade War
Tuesday, 10 December 2019 07:41 WIB

Oil was little changed as investors weighed an expected drop in American crude stockpiles against the possibility of the U.S. imposing extra tariffs on a new $160 billion swath of Chinese goods this Sunday. West Texas Intermediate for January delivery was down 13 cents to $58.89/bbl on the New...

Oil Near 12-Week High After Saudis Surprise With Output Curbs
Monday, 9 December 2019 14:48 WIB

Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members. Futures in New York edged lower after climbing 1.3% Friday to cap a 7.3% weekly advance, the most since mid-Jun...

ANOTHER NEWS
Tokyo Stocks Open Higher as US Fed Keeps Rates Unchanged
Thursday, 12 December 2019 07:30 WIB Tokyo stocks opened higher on Thursday after the US Federal Reserve kept interest rates unchanged as expected, with expectations that the low rate be maintained for a while. The benchmark Nikkei 225 index was up 0.24 percent or 55.67 points at...

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.