Oil Set for Weekly Loss on Flight From Risk as Stockpiles Grow
Friday, 12 October 2018 13:57 WIB | COMMODITY |MinyakWTIBrent

Oil is poised for the biggest weekly decline since May as the turmoil in U.S. equities spur investors to shun risk assets at a time when American crude inventories are rising.

Futures in New York were little changed, heading for a weekly drop of over 4 percent. The S&P 500 Index of equities is set for the worst week in more than six months on concerns over rising interest rates and the U.S.-China trade war. Everything from crude to zinc was hit by the sell-off, while gold -- a safe-haven -- surged the most in more than two years. Meanwhile, American crude stockpiles increased more than forecast, rising for a third week.

Oil has retreated almost 7 percent after reaching a four-year high earlier this month. Still, with impending U.S. sanctions on Iran set to cut the OPEC producer™s oil exports, traders continue to worry about whether the Organization of Petroleum Exporting Countries will be able to offset potential production losses.

West Texas Intermediate for November delivery was at $71.31 a barrel on the New York Mercantile Exchange at 12:35 p.m. in Seoul, up 34 cents. The contract fell $2.20 to $70.97 on Thursday. Prices are down 4.1 percent for the week. Total volume traded was about 26 percent below the 100-day average.

Brent for December settlement added 44 cents to $80.70 a barrel on the London-based ICE Futures Europe exchange. The contract declined $2.83 to $80.26 on Thursday. Prices are down 4.1 percent for the week. The global benchmark crude traded at a $9.50 premium to WTI for the same month.

Source : Bloomberg

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