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 Steady as Asian States Seek to Offset Virus Hit to Economies
Monday, 17 February 2020 19:09 WIB

Oil steadied near $57 a barrel in London as China and other Asian states promised economic stimulus to offset the impact of the coronavirus, buoying the outlook for fuel demand. Prices recovered more than 5% last week, the biggest gain since September, as some of the fears over how far the inf...

Oil Prices Steady Amid Possibility of Deeper Supply Cuts
Friday, 14 February 2020 12:59 WIB

Oil prices steadied on Friday in Asia amid possibility of deeper supply cuts from major producers. U.S. Crude Oil WTI Futures inched up 0.1% to $51.48 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures was little changed at $56.35. The Organization of the Petroleum Exporting Countries (OP...

Crude Heads for Weekly Advance as Corona Virus Worries Recede
Friday, 14 February 2020 07:28 WIB

Oil is on track to post its first weekly gain since the start of January on optimism that the coronavirus outbreak could be abating. Futures in New York were little changed, after rising 0.5% on Thursday. They are up more than 2% over the week, on course to break a run of five straight weekly decli...

Oil Rally Runs Into Turbulence After Jump in Chinese Virus Cases
Thursday, 13 February 2020 13:17 WIB

A nascent rebound in oil prices ran into turbulence after China™s Hubei province reported almost 15,000 new coronavirus cases as it changed its method for counting infections. The government of the province at the heart of the outbreak said it had carried out a review of past suspected cases...

Oil Extends Rally Above $50 on Optimism Virus Stabilizing
Thursday, 13 February 2020 07:34 WIB

Oil extended a rebound into a third day as optimism the global economy can recover from the impact of the coronavirus boosted investor confidence. Futures in New York were up 0.6%, after jumping 2.5% Wednesday. New cases of the virus reported in China may be easing and President Xi Jinping&nbs...

POPULAR NEWS
Monday, 17 February 2020 08:36
Gold Steadies as Countries Plan Stimulus Measures
Monday, 17 February 2020 12:48
Gold Steadies as Countries Plan Stimulus Measures
Monday, 17 February 2020 09:09
Hong Kong Stocks Fall at Open
ANOTHER NEWS
Gold futures marks highest settlement since March 2013
Wednesday, 19 February 2020 01:51 WIB Gold futures rallied on Tuesday to log their highest finish since late March 2013, with analysts attributing the rise to expectations for central bank stimulus as the spread of COVID-19 raised concerns about the global economy. April gold rose...

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.