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Oil Holds Near $60 as U.S. Stockpiles Plunge, Saudis Cut Supply


Thursday, 21 March 2019 18:22 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil held near a four-month high after U.S. crude inventories plunged by the most since July, while Saudi Arabia pressed on with export cuts.

Futures slipped 0.5 percent in New York, having closed above $60 a barrel on Wednesday for the first time since November. U.S. government data showed that nationwide stockpiles declined by 9.59 million barrels, while analysts had expected an increase. The country’s crude exports were near a record high, imports from Saudi Arabia fell by more than half and shipments from Venezuela stopped completely.

West Texas Intermediate for May delivery was at $59.94 a barrel, down 29 cents, on the New York Mercantile Exchange at 10:50 a.m. in London. The April contract gained 1.4 percent to $59.83 before expiring on Wednesday.

Brent for May settlement was down 24 cents to $68.26 a barrel on the London-based ICE Futures Europe exchange, after rising 1.3 percent on Wednesday in a third session of gains. The global benchmark crude was at a premium of $8.33 to WTI.

Source : Bloomberg


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