Oil Keeps Pushing Higher as OPEC Output Drops for a Fourth Month
Tuesday, 2 April 2019 13:52 WIB | COMMODITY |MinyakWTIBrent

Oil added to its biggest advance in more than two weeks after fresh evidence of the OPEC+ coalition™s resolve to cut output and a deepening crisis in Venezuela supported a bullish outlook for prices.

Futures in New York rose as much as 0.7 percent after jumping 2.4 percent in the previous session. OPEC crude production fell for a fourth month in March, data showed Monday. Power blackouts in Venezuela further squeezed supplies, while U.S. stockpiles probably declined by 900,000 barrels last week, according to a Bloomberg survey before the official figures due Wednesday.

Oil has rallied around 36 percent this year due to the effectiveness of the Saudi Arabian-led production cuts, as well as recent signs the global growth outlook may not be as bad as previously feared. The output reductions, which are set to expire in June, could be easily extended, Iranian Oil Minister Bijan Namdar Zanganeh said Monday in Moscow after meeting his Russian counterpart.

West Texas Intermediate for May delivery rose 16 cents to $61.75 a barrel on the New York Mercantile Exchange as of 2:30 p.m. in Singapore. It climbed as much as 43 cents earlier and peaked at $62.02, the highest intraday price since Nov. 8.

Brent for June settlement increased 15 cents to $69.16 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude™s premiumover WTI for the same month narrowed to $7.30 a barrel.

Source : Bloomberg

RELATED NEWS

Oil Recovery Falters in Face of Renewed Concern Over Virus
Friday, 21 February 2020 19:08 WIB

Oil fell, paring this week™s gain, as renewed concern over the impact of the coronavirus overshadowed hopes that China™s stimulus efforts will cushion the blow to demand. Futures in New York fell 1.6%, yet remain about 2% higher this week after China, South Korea and Singapore started rolling o...

Oil Steady After 7-Day Rally on Supply Outlook and Stimulus Hope
Thursday, 20 February 2020 19:40 WIB

Oil steadied in London after the longest rally in a year on signs of tighter global supply, and hopes that Chinese economic stimulus will cushion fuel demand from the impact of the coronavirus. Brent traded near $59 a barrel after gaining 11% during a seven-day advance. The U.S. projected that...

Oil Hits Two-Week High on China Stimulus Hopes, Supply Risks
Wednesday, 19 February 2020 18:49 WIB

Oil rose to a two-week high on hopes that economic stimulus from China can revive demand battered by the coronavirus, and as a number of OPEC nations faced threats to their production. Brent futures increased for a seventh day, the longest run of gains since early 2019, even as Chinese re...

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...

ANOTHER NEWS
Hong Kong Stocks Close Lower on Virus Worries (Review)
Saturday, 22 February 2020 04:19 WIB Hong Kong stocks closed sharply lower Friday as the rising toll from the deadly coronavirus outside China fanned fears the epidemic's impact on earnings and economic growth could be worse than anticipated. The Hang Seng Index fell 1.1 percent, or...

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.