DJIA27110.80
LIVE33.98(0.13%)
NDX7888.79
LIVE36.38(0.46%)

Oil Rides Longest Weekly Rally Since May With Eyes on $100 Crude


Friday, 28 September 2018 13:54 WIB

MinyakWTIBrentOil,Minyak Berjangka


c_740_198_16777215_00_images_assets_OIL_17374687-oil-price-graph-illustration.jpg

Oil's on course for the longest run of weekly gains in four months as energy giants to Wall Street banks predict the return of $100 crude on fears of an impending supply crunch.

Futures in New York were set for a 2.1 percent advance this week, poised for a third weekly increase. Oil and gas major Total SA Chief Executive Officer Patrick Pouyanne said a supply loss in Iran and declining output in Venezuela may help push prices back to levels last seen in 2014. Meanwhile, the U.S. government dismissed speculation it will release emergency crude reserves to temper prices.

West Texas Intermediate for November delivery traded at $72.26 a barrel on the New York Mercantile Exchange, up 14 cents, at 2:35 p.m. in Singapore. The contract has climbed $1.48 this week. Total volume traded was about 49 percent below the 100-day average.

Brent for November was little changed at $81.78 on the ICE Futures Europe exchange. The contract rose 3.8 percent this week. The global benchmark traded at a $9.52 premium to WTI.

Source: Bloomberg


RELATED NEWS

  • Oil futures declined Tuesday, with U.S. prices losing nearly 6%. The move follows news that Saudi Arabia's energy minister Prince Abdulaziz bin Salman said the kingdom has restored 50% of its producti...

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.