Oil Rally Runs Into Turbulence After Jump in Chinese Virus Cases
Thursday, 13 February 2020 13:17 WIB | COMMODITY |BrentWTIMinyak

A nascent rebound in oil prices ran into turbulence after China™s Hubei province reported almost 15,000 new coronavirus cases as it changed its method for counting infections.

The government of the province at the heart of the outbreak said it had carried out a review of past suspected cases and revised its data to include œclinically diagnosed cases in its daily disclosure. The announcement spurred a drop in crude, which had risen almost 5% since Monday™s close on optimism that the virus was easing and the global economy would be spared a major slowdown. However, prices later clawed back some of their earlier gains.

The revised virus count may put more pressure on Russia to support an OPEC+ plan for additional output cuts to try and balance the market as demand craters due to the outbreak. In another sign of weakening consumption, the U.S. reported the biggest weekly jump in crude stockpiles in three months.

While oil prices have started to consolidate, a sharp rebound shouldn™t be expected, said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore. œThe drawdown in Chinese demand for energy is still a problem for the market.

West Texas Intermediate crude for March delivery rose 0.4% to $51.36 a barrel on the New York Mercantile Exchange as of 12:21 p.m. in Singapore. It was up as much as 1.5% earlier before falling by 0.5% after the virus figures were released. The contract advanced 2.5% on Wednesday.

Brent for April settlement added 0.1% to $55.87 a barrel on the ICE Futures Europe exchange in London on Wednesday after surging 3.3% in the previous session. The global benchmark crude traded at a $4.30 premium to WTI for the same month.

Source : Bloomberg


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...

Oil Rallies 10% After Trump Says He Expects Saudi Arabia-Russia Feud To End Soon
Thursday, 2 April 2020 19:26 WIB

Oil prices rallied on Thursday after President Donald Trump talked up the possibility of Saudi Arabia and Russia ending a squabble that contributed to crude™s massive plunge since last month. West Texas Intermediate futures surged by $2.11, or 10.4%, to $22.42 per barrel. International benchmark ...

Tokyo stocks open slightly lower
Thursday, 9 April 2020 07:32 WIB Tokyo stocks opened slightly lower Thursday, as expectations for the impact of a massive Japanese economic package were offset by worries over the impact of the virus pandemic. The benchmark Nikkei 225 index was down 0.07 percent or 14.50 points...


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.