Oil Pulls Back From One-Month Highs
Monday, 28 October 2019 19:36 WIB | ENERGY |Crude OilOil,Minyak MentahBrentWTIMinyak

Oil futures lost ground early Monday, giving back a small piece of strong gains last week that sent crude to a nearly one-month high.

West Texas Intermediate crude for December delivery was off 19 cents, or 0.3%, at $56.47 a barrel on the New York Mercantile Exchange. December Brent crude the global benchmark, fell 20 cents, or 0.3%, to $61.53 a barrel.

WTI on Friday ended at the highest level for a front-month contract since Sept. 24, scoring a 5.2% weekly rise, according to Dow Jones Market Data. Brent crude saw a 4.4% weekly advance to close Friday at its highest since Sept. 26.

Gains last week were driven in large part by supply concerns, particularly a large drop in U.S. and oil product inventories. On Friday, data from oil-field services firm Baker Hughs showed the number of active U.S. drilling rigs fell by 17 last week to 696”the lowest tally since April 2017.

Source : Marketwatch

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