Oil Pares Bear Market Collapse on Prospect of OPEC Curbs in 2019
Monday, 12 November 2018 08:22 WIB | COMMODITY |MinyakWTIBrent

Oil rose for the first time in 11 sessions on the possibility that OPEC and its allies will cut output next year and after Saudi Arabia said it will reduce sales in December.

While futures in New York climbed as much as 1.3 percent on Monday, they are still down about 20 percent from a 2014-high reached early last month. Top OPEC member Saudi Arabia said exports will be curbed by 500,000 barrels a day in December, and a committee of the Organization of Petroleum Exporting Countries and its partners warned over the weekend that it might need œnew strategies, raising the prospect of a wider cut in 2019.

The Saudis are taking the lead to counter a price rout, which has put pressure on OPEC and its allies including Russia to cut output as signs of a supply glutemerge in the U.S. -- which is pumping at a record. Oil collapsed into a bear market as fears of a crunch eased after America granted waivers for some nations to continue buying Iranian crude even after the Trump administration hit the Middle East nation with sanctions.

Prices are gaining on rising expectations that OPEC producers including Saudi Arabia and allies will discuss and decide measures at their next meeting in December, said Takayuki Nogami, chief economist at Japan Oil, Gas and Metals National Corp. in Tokyo. œA big factor is that Iran™s supply isn™t falling as much as expected at a time when other countries are pumping more. A risk of a supply glut is rising.

West Texas Intermediate for December delivery rose as much as 78 cents to $60.97 a barrel on the New York Mercantile Exchange and traded at $60.81 at 9:38 a.m. in Tokyo. Prices slumped 0.8 percent to $60.19 on Friday. Total volume traded was about 200 percent above the 100-day average. A measure of oil market volatility jumped to the highest level since late 2016 at the end of last week.

Brent futures for January settlement added 86 cents to $71.04 a barrel on the London-based ICE Futures Europe exchange. The contract fell 47 cents to $$70.18 on Friday, the lowest close since April 9. The global benchmark crude traded at a $10.14 premium to WTI for the same month.

Source : Bloomberg

RELATED NEWS

EIA: US crude oil stocks decreased by 6.9 million barrels
Wednesday, 11 September 2019 21:52 WIB

The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US decreased by 6.9 million barrels in the week ending September 6 compared to analysts estimate for a draw of 2.6 million barrels. Key takeaways from the press releas...

Oil prices extend gains as EIA reports a 4.8 million-barrel weekly fall in U.S. crude supplies
Thursday, 5 September 2019 22:20 WIB

The Energy Information Administration on Thursday reported that U.S. crude supplies declined by 4.8 million barrels for the week ended Aug. 30. On average, analysts polled by S&P Global Platts forecast a fall of 3 million barrels, while the American Petroleum Institute on Wednesday reported an ...

Oil Heads for Biggest Weekly Gain in Seven on Trade War Optimism
Friday, 30 August 2019 18:53 WIB

Oil headed for its biggest weekly increase since mid-July after a sizable drop in American crude inventories and an apparent pause in U.S.-China trade hostilities eased demand fears. Futures in New York fell 0.9% on Friday but are up 3.7% for the week. China said Thursday that it wouldn™t immedia...

EIA Reports a 10 Million-Barrel Weekly Decline in U.S. Crude Supplies
Wednesday, 28 August 2019 21:43 WIB

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 10 million barrels for the week ended Aug. 23. Analysts polled by S&P Global Platts expected a decline of 4.7 million barrels, on average, while the American Petroleum Institute on Tuesday reported an 1...

Oil Prices Break 3-Day Losing Streak on Trump Trade Remarks
Monday, 26 August 2019 19:23 WIB

U.S. crude prices turned higher overnight on Monday, breaking a three-day losing streak, as U.S. President Donald Trump said that China was willing to restart trade negotiations. New York-traded West Texas Intermediate crude futures gained 57 cents, or 1.1%, to $55.33 a barrel by 7:51 AM ET (11:51 ...

ANOTHER NEWS
Gold Holds Line Near $1,500 as Central Bank Titans Decide Policy
Wednesday, 18 September 2019 16:40 WIB Gold investors have gone into wait-and-see mode ahead of an expected interest rate reduction by the Federal Reserve later on Wednesday that will kick off a busy round of policy decisions from leading central banks. Prices were confined to a...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.