Oil Holds Gains Near Two-Month High on Signs of Shale Slowdown
Monday, 21 January 2019 13:20 WIB | COMMODITY |MinyakWTIBrent

Oil held gains near a two-month high as investors assess signs of slowing growth in U.S. production against mixed signals on output from the OPEC+ coalition.

Futures in New York were little changed after surging 3.3 percent on Friday. The number of working oil rigs in the U.S. fell to the lowest since May, according to data from Baker Hughes. Meanwhile, International Energy Agency data suggested non-OPEC countries that pledged to curb output abandoned that effort in December. Production from the Organization of Petroleum Exporting Countries fell by the most in almost two years that month.

Oil is off to its best start to a year since 2001 after plunging almost 40 percent last quarter on fears of a global supply glut and weaker consumption. The Paris-based IEA expects relatively strong demand this year despite signs of a slowdown in the global economy. Meanwhile, OPEC and its partners including Russia have started to cut production to balance the market at a time when U.S. output is forecast to keep growing.

West Texas Intermediate crude for February traded 21 cents higher at $54.01 a barrel on the New York Mercantile Exchange at 12:05 p.m. in Tokyo. The contract jumped $1.73 to $53.80 on Friday to close at the highest level since Nov. 21, capping a weekly gain of 4.3 percent.

Brent for March settlement rose 26 cents to $62.96 a barrel on the London-based ICE Futures Europe exchange. The contract advanced $1.52 to $62.70 on Friday. The global benchmark crude was at an $8.70 premium to WTI for the same month.

Source : Bloomberg

RELATED NEWS

Oil Futures End Lower After EIA Cuts Price Forecasts
Wednesday, 8 April 2020 02:09 WIB

Oil futures settled lower on Tuesday, giving up earlier gains after the Energy Information Administration lowered its U.S. and global benchmark crude price forecasts for this year and next. Traders also weighed prospects for a global output cut when major producers meet later this week. May West T...

U.S. Oil Prices Mark First Loss In 3 Sessions
Tuesday, 7 April 2020 02:10 WIB

Oil futures settled with a loss on Monday, with U.S. prices down for the first time in three sessions. A key meeting of major oil producers that was originally expected Monday was pushed to Thursday, contributing to uncertainty in the market as traders await news potential crude production cuts. M...

Brent Oil Rises Above $32 On Hopes Of Output Deal
Friday, 3 April 2020 18:52 WIB

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply. Brent crude LCOc1 futures were up 9.3%, or $2.79, at $32.73 a barrel by 10:14 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage...

Oil Rallies 10% After Trump Says He Expects Saudi Arabia-Russia Feud To End Soon
Thursday, 2 April 2020 19:26 WIB

Oil prices rallied on Thursday after President Donald Trump talked up the possibility of Saudi Arabia and Russia ending a squabble that contributed to crude™s massive plunge since last month. West Texas Intermediate futures surged by $2.11, or 10.4%, to $22.42 per barrel. International benchmark ...

Oil Prices Could Soon Turn Negative As The World Runs Out Of Places To Store Crude
Wednesday, 1 April 2020 19:18 WIB

Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world™s most powerful crude producers start to ramp up their output. The coronavirus pandemic has meant countries have effective...

ANOTHER NEWS
Hong Kong stocks head into break with losses
Wednesday, 8 April 2020 11:35 WIB Hong Kong finished the morning on a down note Wednesday following a sell-off on Wall Street as traders continue to fret over the impact of the coronavirus on the global economy. The Hang Seng Index dropped 0.99 percent, or 239.90 points, to...

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.