U.S. Crude Rally Stalls on Supply Worry; Brent Hits $75
Friday, 26 April 2019 03:39 WIB |
It's a case of two oils, and which could be better for the bulls as U.S. crude prices struggle after a stockpile surge while those of Brent continue their ascent on Saudi Arabia's supply squeeze.
New York-traded West Texas Intermediate, the benchmark for U.S. crude, halted its advance in the $65 per barrel territory while London-traded Brent smashed new frontiers above $75.
WTI settled down 68 cents, or 1.03%, to $65.21 per barrel. It was the second day of declines for the benchmark U.S. crude, which is now off 2.1% from a $66.60 peak on Tuesday.
Brent ended down 22 cents, or 0.3%, at $74.35. The fall came even as Brent earlier in the session had hit a six-month high of $75.59. That was on news that Poland and Germany had rejected crude oil from Russia over quality issues, Reuters reported.
For the week, the U.S. crude benchmark is now up 1.8%, while its U.K. rival is still 3.3% ahead on the week. Year to date, though, WTI has risen 43.6%, and Brent has gained 38.2%, largely on output cuts by Saudi Arabia, Russia and other oil producers in the OPEC cartel.
Source : Investing.com