Saturday, 30 November 2019 03:28 WIB |
Black Friday seems to have taken on a different meaning for oil bulls.
Crude prices plunged 5% on the ritualistic shopping day after Thanksgiving as Russia sent out mixed signals on its commitment to extend production cuts and a U.S.-China deal looked more complicated after President Donald Trump™s signing of two bills aimed at supporting Hong Kong protests against Beijing.
U.S. West Texas Intermediate and U.K. Brent crude fell unceremoniously from recent two-month highs as thinner holiday-like trading volumes exaggerated the selloff, creating a perfect storm for those long oil.
NYMEX-traded WTI settled down $2.94, or 5.1%, at $55.17 per barrel, well below the two-month high of $58.74 on Nov. 22.
ICE-traded Brent, the global benchmark for crude, slumped $2.55, or 4.%, to $60.72, after a two-month high of $64.60 on Wednesday.
For the week, WTI was down 4.1% while Brent fell 4.2%. For the month, the U.S. crude benchmark rose 1.8% versus the near-1% gain for its U.K. peer.
Source : Investing.com