Oil Rises From One-Year Low Even as Concerns of Glut Persist
Monday, 26 November 2018 21:20 WIB | COMMODITY |MinyakWTIBrent

Oil rose from its lowest settlement in more than a year in New York, though signs of record output from Saudi Arabia amid pressure from President Donald Trump continued to weigh on the market.

Futures added 1.7 percent, after slumping 7.7 percent on Friday. Saudi Arabia is pumping as much as 11.2 million barrels of crude a day, the most since the kingdom extracted its first oil eight decades ago, according to a person familiar with the matter. Trump has reiterated his view that falling oil prices are great after the U.S. benchmark plunged the most last week since January 2016.

The American crude marker teeters near the $50 threshold as the Saudi output surge combines with larger-than-expected exports of Iranian oil after Trump granted sanctions waivers to some nations. In the U.S., growing inventorieshave added to the pressure on prices. Traders are assessing whether the Organization of Petroleum Exporting Countries and its allies will decide to trim output when they meet early next month in Vienna.

West Texas Intermediate for January rose 84 cents to $51.26 a barrel on the New York Mercantile Exchange at 8:53 a.m. local time. The contract plummeted 10.7 percent last week. There was no settlement on Thursday due to the U.S. Thanksgiving holiday. Total volume traded Monday was about 29 percent above the 100-day average.

Brent for January settlement climbed $1.37 to $60.17 a barrel on London™s ICE Futures Europe exchange, after slumping below $60 on Friday for the first time since October 2017. The global benchmark traded at an $8.84 premium to WTI.

Source : Bloomberg

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