Oil Rises as U.S. Dismisses Prospect Of Releasing Crude From The Strategic Reserve
Friday, 28 September 2018 03:18 WIB |
Oil climbed on Thursday, with the global benchmark price holding ground at a four-year high, as U.S. officials said the sale of domestic reserves wouldn™t be used to undercut a rally in crude.
Anticipation of supply disruptions caused by the renewal of sanctions on Iran also continued to underpin prices.
Meanwhile, natural-gas futures rallied after U.S. data revealed a smaller-than-expected weekly rise in domestic supplies of the fuel.
November West Texas Intermediate crude rose 47 cents, or 0.6%, to reach $72.04 a barrel on the New York Mercantile Exchange, after losing 1% Wednesday.
Global benchmark November Brent rose 32 cents, or 0.4%, at $81.66 a barrel on the ICE Futures Europe exchange, erasing a decline of nearly 0.7% the day prior. The November Brent contract expires at Friday™s settlement.
Source : Market Watch