Oil Set for Weekly Drop as Growth And Glut Threats Rattle Market
Friday, 21 December 2018 11:04 WIB | COMMODITY |MinyakWTIBrent

Oil poised for its biggest weekly drop in a month on concerns of weakening growth and doubts over whether the OPEC coalition™s output curbs will counter surging U.S. supply.

Futures in New York are on course for a 9 percent decline this week. Crude joined a sell-off in wider financial markets after an interest rate increase by the Federal Reserve and the threat of a U.S. government shutdown added to economic uncertainty. Meanwhile, investors remain skeptical that cuts agreed by OPEC and its allies are sufficient to avert a looming oil glut.

Crude heading for its worst quarterly loss in four years on fears the relentless growth in American shale will undermine efforts by OPEC and its partners to balance the market. At the same time, concerns over growth persist even as Fed Chairman Jerome Powell promised to be more cautious on raising rates next year, while a closely watched speech by Chinese President Xi Jinpingoffered no new reforms to stimulate the world™s second-largest economy.

West Texas Intermediate for February delivery was at $46.54 a barrel on the New York Mercantile Exchange, up 66 cents, at 12:41 p.m. in Seoul. The contract fell 4.8 percent to close at $45.88 on Thursday. Total volume traded was about 35 percent below the 100-day average.

Brent for February settlement rose 68 cents, or 1.3 percent, to $55.03 a barrel on London™s ICE Futures Europe exchange. The contract fell 5.1 percent to $54.35 on Thursday, closing below $55 for the first time in more than a year. The global benchmark crude traded at an $8.47 premium to WTI.

Source : Bloomberg

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