Oil Set for Weekly Gain as Traders Seek Clues From OPEC Meeting
Friday, 20 April 2018 09:50 WIB | COMMODITY |MinyakWTIBrent

Oil headed for a second weekly gain as investors await the outcome of a key OPEC meeting at a time when the group continues to deepen supply cuts to record levels.

Futures in New York were little changed after climbing above $68 a barrel this week for the first time since 2014. OPEC and its allies have concluded that they™re near their goal of wiping out an oil-stockpile surplus, people with knowledge of the matter said as producer nations gather in Saudi Arabia. Theadherence to supply curbs by the group is said to have jumped to a record level last month.

The gathering of the Organization of Petroleum Exporting Countries in the Saudi city of Jeddah and representatives of nations that agreed to join the group™s production cuts will play out against a backdrop of geopolitical tensions that could threaten supplies in key oil-producing countries. These include the potential restoration of U.S. sanctions on Iran and Venezuela™s ongoing spiral into economic and social chaos.

West Texas Intermediate for May delivery, which expires Friday, was at $68.38 a barrel on the New York Mercantile Exchange at 11:07 a.m. in Seoul. The contract dropped 18 cents to $68.29 on Thursday. Prices are up 1.5 percent this week. Total volume traded was about 41 percent below the 100-day average. The more active June contract traded at $68.42.

Brent for June settlement added 7 cents to $73.85 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $5.43 premium to June WTI.

Source : Bloomberg

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