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Oil Near 2014 High as Geopolitical Risks Counter Shale Fears


Thursday, 12 April 2018 08:05 WIB

WTIBrentMinyak MentahCrude Oil


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Oil held gains near levels last seen in 2014 as escalating geopolitical risks in the Middle East offset concerns over rising U.S. crude stockpiles.

Futures in New York were little changed after jumping 2 percent on Wednesday. Saudi Arabia, the world’s biggest oil exporter, intercepted a ballistic missile fired by pro-Iranian Yemeni rebels over the kingdom’s capital just hours after President Donald Trump warned America is preparing to strike Syria. With the heightened geopolitical tensions, investors largely shrugged off a U.S. government report showing a surprise gain in nationwide crude inventories.

Oil had been struggling to breach the highs of January as concerns over surging U.S. crude production offset efforts by the Organization of Petroleum Exporting Countries and its allies to tighten the market. Any supply disruptions due to conflict in the Middle East could exacerbate a reduction in the global glut, further boosting prices.

West Texas Intermediate for May delivery was at $66.79 a barrel on the New York Mercantile Exchange, down 3 cents at 9:21 a.m. in Tokyo. The contract climbed $1.31 to $66.82 on Wednesday, the highest since Dec. 2014. Total volume traded was about 67 percent below the 100-day average.

Brent for June settlement slipped 12 cents to $71.94 a barrel on the London-based ICE Futures Europe exchange on Thursday. The contract rose $1.02 to close at $72.06 on Wednesday. The global benchmark crude traded at a $5.24 premium to June WTI.

Source: Bloomberg


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