Oil Set for Weekly Loss as Venezuela Risk And Trade War Assessed
Friday, 25 January 2019 08:23 WIB | COMMODITY |MinyakWTIBrent

Oil heads for its first weekly loss in four weeks as investors weigh the outlook for U.S.-China trade talks and a surprise gain in U.S. crude inventories against deepening crisis in OPEC-member Venezuela.

Futures in New York were little changed, on course for a 1.2 percent weekly loss. While the U.S. and China could eventually reach a trade deal, they are still œmiles and miles from resolving their differences, Commerce Secretary Wilbur Ross said. U.S. crude inventories had their biggest increase since November despite expectations for a decline. Meanwhile, growing instability in Venezuela is making OPEC™s task of rebalancing crude markets more complicated.

U.S. crude inventories rose 7.97 million barrels last week while gasoline stockpiles rose to a record high, the Energy Information Administration reported Thursday.

Crude stockpiles were forecast to fall 750,000 barrels in a Bloomberg survey of analysts before EIA data was released.

OPEC is retaking charge of the oil market after curbing production which will help Brent to slowly rise to as high as $70 a barrel this year, said Marco Dunand, chief executive officer of commodities trader Mercuria Energy Group Ltd.

Secretary of State Michael Pompeo ordered all non-emergency U.S. government employees to leave Venezuela because of increased danger to Americans after President Donald Trump recognized Juan Guaido as the country™s leader.

WTI for March delivery trades at $53.15/bbl on Nymex, +2c, at 9:09am in Tokyo. Contract +51c to $53.13 on Thursday.

March Brent -5c to $61.09/bbl on ICE Futures Europe exchange on Thursday, -2.6% this week.

Source : Bloomberg

 

RELATED NEWS

Oil Heads for Weekly Loss on Signs of Adequate Global Supplies
Friday, 15 November 2019 19:03 WIB

Oil headed for a weekly decline as rising U.S. crude inventories and new production elsewhere signaled that global markets will remain comfortably supplied. Futures slipped 0.5% in New York, bringing the loss this week to 1.3%. U.S. government data showed stockpiles expanded by 2.22 ...

Oil Rises on Signs of U.S. Supply Drop, OPEC Shale Outlook
Thursday, 14 November 2019 18:49 WIB

Oil rose for a second day after an industry report pointed to a drop in U.S. inventories, and as OPEC said it sees potential for a œsharp slowdown in American shale output next year. Futures added 1.1% in New York. Expectations that the U.S. government will report that crude inventor...

Oil Falls Amid Uncertainty Over Trade War and OPEC Supply Cuts
Friday, 8 November 2019 19:50 WIB

Oil fell as traders awaited more concrete signs that the U.S. and China are resolving their trade dispute, and amid concerns that OPEC and its partners won™t deepen output curbs to prevent a glut. Futures lost as much as 1.9% in New York. The U.S. and China have agreed to roll...

Oil Resumes Gains as Trade Tariff Rollback Counters OPEC Curbs
Thursday, 7 November 2019 19:27 WIB

Oil jumped as China and the U.S. made progress in resolving the trade dispute that has weighed on global markets this year, offsetting signs that OPEC and its partners won™t make deeper cuts to supply. Brent crude rose as much as 1.5% in London, reversing much of Wednesday™s 1.9% decline. ...

Oil Slips From Six-Week High on Signs U.S. Supplies Rose Again
Wednesday, 6 November 2019 18:18 WIB

Oil retreated from a six-week high as signs of another increase in U.S. crude reaffirmed the prevailing view that global markets are comfortably supplied. Futures lost as much as 0.8% in New York after rising 5.6% over the past three sessions. The American Petroleum Institute reported&nbs...

ANOTHER NEWS
Europe Markets Close Lower After Report Suggests Trade Pessimism in Beijing
Monday, 18 November 2019 23:44 WIB European stocks turned negative on Monday after a Chinese government source told CNBC that the mood in Beijing over a trade deal is pessimistic. The pan-European Stoxx 600 slipped 0.3% at 405.31 lower during afternoon trade, with the China-exposed...

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.