Oil Snaps 2-Day Rally on China; OPEC Optimism Delivers Positive Week
Saturday, 23 November 2019 03:55 WIB | COMMODITY |BrentWTIMinyak

Oil prices snapped their two-day rally on Friday on U.S.-China angst, but still managed to finish the week higher on suggestions that OPEC+ production cuts will continue until June.

U.S. West Texas Intermediate and U.K. Brent crude settled down about 1% on the day and steady on the week.

The disparity came as traders tried to balance out China™s latest dare against U.S. tariffs with Russia™s assurance that it had its ally OPEC™s back on output reductions. Some even noted that the futures market in crude seemed to be aligning with higher physical prices -- a rare occurrence indeed.

WTI settled down 81 cents, or 1.4%, at $57.77 per barrel.

Brent, the global benchmark for crude, closed the New York session down 58 cents, or 0.9%, at $63.39.

For the week, both WTI and Brent rose less than a dime each. Their yearly performance was much better, of course, with gains of 28% and 18%, respectively.

Source : Investing.com

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