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Oil Poised for Weekly Gain as OPEC+ Cuts Counter Trade Worries


Friday, 15 February 2019 07:54 WIB

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Oil headed for its biggest weekly gain in a month as the OPEC+ coalition's supply cuts overshadowed renewed concern over whether the world's two largest economies will be able to reach a trade deal.

Futures in New York rose a fourth day, and are up 4 percent for the week. Russia said Thursday it would accelerate output cuts agreed to in a deal with the Organization of Petroleum Exporting Countries, following Saudi Arabia's pledge to deepen reductions. Asian stocks fell Friday as the U.S. and China were said to have made little progress in trade talks this week in Beijing.

WTI for March delivery trades at 54.84/bbl on Nymex, gained 43 sen, at 8:33am in Singapore. Contract lost 51 cents to $54.41 on Thursday.

April Brent added 96 cents to $64.57/bbl on ICE Futures Europe exchange on Thursday. Brent ended session at $9.78 premium to WTI for the same month.

Source: Bloomberg


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