Oil Shakes Off Tariff Woes as U.S. Sends Warships to Middle East
Tuesday, 7 May 2019 13:29 WIB | COMMODITY |MinyakWTIBrent

Oil held gains above $62 a barrel as heightened tensions in the Middle East overshadowed a U.S. plan to raise tariffs on Chinese goods.

Futures edged higher in New York after closing up 0.5 percent on Monday. The U.S. is sending an aircraft carrier strike group and bomber force to the oil-rich region amid rising tensions with Iran, which has threatened to block the Strait of Hormuz. That buoyed crude prices, which were down more than 3 percent at one point on Monday, and outweighed news that the White House will raise levies on Chinese goods on Friday, threatening the global growth outlook.

Oil™s rally has gone into reverse in the last couple of weeks on speculation Saudi Arabia and other producers will pump more to make up for lost Iranian barrels. American drillers have also boosted output to a record and nationwide stockpiles climbed to the highest since September 2017. Meanwhile, the sudden deterioration in U.S.-China trade relations are souring a demand outlook that had been improving over the last couple of months.

West Texas Intermediate crude for June delivery rose 17 cents, or 0.3 percent, to $62.42 a barrel on the New York Mercantile Exchange at 12:42 p.m. in Singapore. The contract has lost around 6 percent since reaching the highest level in almost six months on April 23.

Brent for July settlement added 3 cents to $71.27 a barrel on the London-based ICE Futures Europe exchange after falling as much as 31 cents, or 0.4 percent, earlier. The contract settled 0.6 percent higher at $71.24 on Monday. The global benchmark crude was at a premium of $8.73 to WTI for the same month.

Source : Bloomberg

RELATED NEWS

Oil Slumps On Disappointment With OPEC Supply Deal
Friday, 10 April 2020 02:33 WIB

Oil prices slumped on Thursday, giving back an earlier 10% surge as investors reacted negatively to the emerging supply-cut agreement between members of OPEC and its allies in response to the global fuel demand collapse due to the coronavirus pandemic. Oil producers led by Saudi Arabia and Russia t...

Oil Futures Settle Higher As Traders Expect OPEC+ To Cut Production
Thursday, 9 April 2020 02:08 WIB

Oil futures settled higher on Wednesday, a day ahead of a meeting of major oil producers that's expected to produce an agreement to cut global crude production. May West Texas Intermediate oil rose $1.46, or 6.2%, to settle at $25.09 a barrel on the New York Mercantile Exchange, following a loss of...

Oil Futures End Lower After EIA Cuts Price Forecasts
Wednesday, 8 April 2020 02:09 WIB

Oil futures settled lower on Tuesday, giving up earlier gains after the Energy Information Administration lowered its U.S. and global benchmark crude price forecasts for this year and next. Traders also weighed prospects for a global output cut when major producers meet later this week. May West T...

U.S. Oil Prices Mark First Loss In 3 Sessions
Tuesday, 7 April 2020 02:10 WIB

Oil futures settled with a loss on Monday, with U.S. prices down for the first time in three sessions. A key meeting of major oil producers that was originally expected Monday was pushed to Thursday, contributing to uncertainty in the market as traders await news potential crude production cuts. M...

Brent Oil Rises Above $32 On Hopes Of Output Deal
Friday, 3 April 2020 18:52 WIB

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply. Brent crude LCOc1 futures were up 9.3%, or $2.79, at $32.73 a barrel by 10:14 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage...

ANOTHER NEWS
Hong Kong Stocks Finish With Rally (Review)
Friday, 10 April 2020 03:29 WIB Stocks in Hong Kong ended with a healthy rally Thursday, in line with an advance across Asia, with investors cheered by signs that the rate of new coronavirus infections was slowing. The Hang Seng Index jumped 1.38 percent, or 329.96 points, to...

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.