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

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