Friday, 29 November 2019 09:30 WIB |
ENERGY |Minyak BrentMinyak MentahMinyak WTI
Oil is heading for a fourth weekly gain, the longest winning streak since April, before a key OPEC+ meeting next week that will set the path for future production cuts.
Futures were steady near $58 a barrel in New York as the U.S. Thanksgiving Holiday reduced trading volumes. Saudi Arabia is likely to signal at the Vienna gathering that it™s no longer willing to compensate for the non-compliance of other members, according to people familiar with the kingdom™s thinking. OPEC and its allies are expected to extend the current supply pact, rather than deepen reductions, according to a Bloomberg survey.
West Texas Intermediate for January delivery lost 7 cents to $58.05 a barrel on the New York Mercantile Exchange as of 10:18 a.m. Singapore time. There was no settlement Thursday due to the holiday in the U.S. and all transactions will be booked with Friday. Prices are up 0.5% this week and 7.1% higher in November.
Brent for January settlement dropped 7 cents to $63.80 a barrel on the London-based ICE Futures Europe Exchange, easing for a third day. The contract is up 0.7% this week, also heading for a fourth weekly advance. The global benchmark crude traded at a $5.69 premium to WTI.
Source : Bloomberg