Oil logs a weekly loss amid worries about rise in supplies
Saturday, 14 September 2019 02:24 WIB | ENERGY |MinyakWTIBrentMinyak MentahOil,

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 settle at $54.85 a barrel on the New York Mercantile Exchange”for a roughly 3% weekly decline, according to Dow Jones Market Data, tracking the front-active contract. November Brent crude  shed 16 cents, or 0.3%, to $60.22 a barrel on the ICE Futures, with prices marking a weekly fall of 2.1%.

The Joint Ministerial Monitoring Committee, or JMMC, which monitors compliance with output reductions set by an OPEC+ agreement that began at the start of this year, on Thursday œunderscored the critical need for continued commitment to the pledged production cuts. It said compliance with the cuts stood at 136% in August.

Source : Marketwatch

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