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Oil Holds Above $52 as Top Suppliers Seen Committed to Reduction


Thursday, 17 January 2019 08:42 WIB

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Oil clung to gains above $52 a barrel after top exporters showed signs of their commitment to planned supply cuts, while U.S. stockpiles fell to the lowest since November.

West Texas Intermediate crude for February delivery was at $52.08 a barrel on the New York Mercantile Exchange, down 23 cents, at 10:13 a.m. in Seoul. Futures settled 20 cents higher at $52.31 on Wednesday, extending its advance for a second day.

Brent for March settlement fell 26 cents to $61.06 a barrel on the London-based ICE Futures Europe exchange, after closing 68 cents higher at $61.32 on Wednesday. The global benchmark crude was at an $8.66 premium to WTI for the same month.

Source : Bloomberg


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