DJIA26935.07
LIVE-159.72(-0.59%)
NDX7823.55
LIVE-78.24(-0.99%)

Oil Holds Gain as Traders Become Bullish After OPEC Defies Trump


Tuesday, 25 September 2018 08:06 WIB

MinyakWTIBrentOil,Minyak Berjangka


c_740_198_16777215_00_images_assets_Oil3_sanleon.jpg

Oil held a gain above $72 a barrel as banks and trading houses became bullish on prices after OPEC and allies rebuffed President Donald Trump's call to boost production.

Futures in New York were little changed after a 1.8 percent advance Monday. Mercuria Energy Group Ltd. and Trafigura Group expect the return of the high prices last seen in 2014 on a potential loss of Iranian supply. Meanwhile, Bank of America Corp. joined JPMorgan Chase & Co. in anticipating an increase in crude prices. Adding to positive sentiment are forecasts for a decline in U.S. stockpiles as well as those at a key storage hub in Cushing, Oklahoma.

West Texas Intermediate for November delivery traded at $72.24 a barrel on the New York Mercantile Exchange, up 16 cents, at 8:18 a.m. in Tokyo. The contract climbed $1.30 to $72.08 on Monday. Total volume traded was about 70 percent below the 100-day average.

Source: Bloomberg


RELATED NEWS

POPULAR NEWS

DISCLAIMER

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.