Oil Set for Weekly Loss as OPEC Considers Easing Supply Curbs
Friday, 25 May 2018 08:19 WIB | COMMODITY |MinyakWTIBrent

Oil is set for its first weekly decline this month as OPEC and its allies consider easing supply cuts.

Futures in New York were little changed, heading for a 0.8 percent drop this week. The Organization of Petroleum Exporting Countries and its allies are considering easing output curbs, although a decision hasn™t been made yet, Saudi Arabia Energy Minister Khalid Al-Falih said in an interview early Friday in St. Petersburg. Russia and Saudi Arabia share a common view on œconsuming countries anxiety and concerns over potential shortages, he said.

Oil is trading near the highest level in more than three years as President Donald Trump™s decision to walk away from the Iran nuclear deal and reimpose sanctions on the Persian Gulf nation and Venezuela™s collapsing economy spur supply disruption concerns. OPEC and its allies are aiming for market balance, not an over-correction, Al-Falih said.

West Texas Intermediate for July delivery traded at $70.73 a barrel on the New York Mercantile Exchange, up 2 cents, at 9:58 a.m. in Tokyo. The contract lost 1.6 percent to $70.71 on Thursday. Prices have declined 54 cents this week. Total volume traded was about 70 percent below the 100-day average.

Brent futures for July settlement traded at $78.80 a barrel on the London-based ICE Futures Europe exchange, up 1 cent. Prices on Thursday fell $1.01 to $78.79. The contract has climbed 0.4 percent this week. The global benchmark traded at a $8.07 premium to WTI for the same month.

Source : Bloomberg

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