Oil Set for Biggest Annual Loss Since 2015 on Supply Glut Risk
Friday, 28 December 2018 08:11 WIB | COMMODITY |MinyakWTIBrent

Oil is poised for its biggest annual loss since 2015 on lingering concerns over a supply glut and a slowdown in economic growth.

Futures in New York rose 2.9 percent and are on course for a 24 percent loss this year. Russia, which agreed on output cuts next year with OPEC, signaled it may ramp up production in the second half of 2019 if the deal isn™t extended. Meanwhile, an industry report showing a surprise increase in U.S. crude inventories added to worries about an oversupply.

Russia may keep its 2019 oil production flat next year at 556 million tons, even under current OPEC+ agreement to cut output, Energy Minister Alexander Novak tells reporters in Moscow.

U.S. crude inventories rose 6.92 million barrels last week, the American Petroleum Institute was said to report.

Nationwide stockpiles probably fell 3.4 million barrels last week, according to a Bloomberg survey of analysts before Energy Information Administration data due Friday.

WTI for Feb. delivery added $1.30 to $45.91/bbl on Nymex at 9:40am in Tokyo.

Feb. Brent, which expires Friday, -$2.31 to $52.16/bbl on ICE Futures Europe exchange on Thursday.

Source : Bloomberg

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