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Oil Holds Gains as U.S. Inventories Slump the Most Since March


Thursday, 14 June 2018 08:20 WIB

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Oil held gains after U.S. crude inventories dropped the most in more than two months and as OPEC members remained divided on whether to boost production just a week before the group meets to decide output policy.

Futures in New York were little changed after a 0.4 percent increase on Wednesday. U.S. crude stockpiles slumped by 4.14 million barrels last week, the most since the week ended March 30, according to the Energy Information Administration. Meanwhile, Saudi Arabia is said to have floated several output increase plans to fellow OPEC members while Iran said it expects the group to stick with its agreement to restrain supply.

West Texas Intermediate crude for July delivery traded at $66.65 a barrel on the New York Mercantile Exchange, up 1 cent, at 9 a.m. in Tokyo. The contract climbed 28 cents to $66.64 on Wednesday. Total volume traded was about 77 percent below the 100-day average.

Brent futures for August settlement traded at $76.56 on the London-based ICE Futures Europe exchange, down 18 cents. The contract added 86 cents to $76.74 on Wednesday. The global benchmark crude traded at a $10.06 premium to WTI for the same month.

Source: Bloomberg


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