Oil Set for Biggest Weekly Gain in 11 Weeks on Disruption Risks
Friday, 29 June 2018 07:36 WIB | COMMODITY |MinyakWTIBrent

Oil is poised for the biggest weekly gain since mid-April as declining stockpiles in the U.S. and disruptions in Libya and Canada raised global supply risks.

Futures in New York were little changed on Friday and are up 7 percent this week. While authorities in eastern Libya ordered a halt oil exports from ports, Syncrude Canada Ltd. was said to cut crude volumes to customers in July by 92 percent from its upgrader in Alberta, after an unplanned outage last week. U.S. inventories last week fell the most in almost two years, according to government data.

Oil this week rose to the highest level in more than three years as the U.S. pushed allies to halt purchases of Iranian crude as the U.S. President Donald Trump™s administration pushed allies to halt purchases of Iranian crude, seeking to punish the Islamic Republic for its nuclear program. The efforts to isolate and hobble the Persian Gulf nation have overshadowed Saudi Arabia™s plan to lift output to a record within weeks.

West Texas Intermediate crude for August delivery traded at $73.36 a barrel on the New York Mercantile Exchange, down 9 cents, at 8:57 a.m. in Tokyo. The contract rose 69 cents to $73.45 on Thursday, the highest close since Nov. 2014, and is up $4.78 this week. Total volume traded was about 84 percent below the 100-day average.

Brent futures for August settlement, which expire Friday, added 23 cents to $77.85 on the London-based ICE Futures Europe exchange on Thursday. The contract has advanced 3 percent this week. The global benchmark ended the session at a $4.40 premium to WTI for the same month.

Source : Bloomberg

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