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Oil Prices Track Stocks Lower After U.S.-North Korea Inaction, Weak Chinese Data


Thursday, 28 February 2019 20:37 WIB

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Oil prices slipped modestly Thursday, tugged down by weaker Chinese economic data and lower stock-market action after U.S.-North Korea nuclear talks ended without a deal.

Prices gained Wednesday after Saudi Arabia affirmed its commitment to reducing output, then got an added boost after data revealed an unexpected weekly drop in U.S. crude supplies — the first decline in six weeks.

April West Texas Intermediate crude steadied to near $56.95 a barrel on the New York Mercantile Exchange, after trading lower earlier. The contract jumped 2.6% Wednesday, for the biggest one-day dollar and percentage increase since Feb. 1, according to Dow Jones Market Data.

Global benchmark April Brent which expires at Thursday's settlement, fell 35 cents, or 0.5%, to $66.04 a barrel on ICE Futures Europe.

Source : Marketwatch


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