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Oil rally takes a timeout, but Libyan civil unrest threatens supply crunch


Wednesday, 10 April 2019 02:50 WIB

Minyak WTIMinyak jenis BrentMinyak Mentah


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Oil futures finished with a loss on Tuesday, a day after settling at five-month highs, pressured by expectations that U.S. crude supplies climbed for a third straight week, as well as signs that Russia may not see a need to extend production cuts past June.

Still, traders remained cautious around potential supply outages tied to civil unrest in Libya.

U.S. benchmark West Texas Intermediate crude for May delivery on the New York Mercantile Exchange lost 42 cents, or 0.7%, to settle at $63.98 a barrel. On Monday, prices based on the front-month contract rose for a sixth straight session and marked the highest finish since Oct. 31, according to Dow Jones Market Data.

June Brent fell 49 cents, or 0.7%, to $70.61 a barrel on ICE Futures Europe. The contract's settlement at $71.10 on Monday was the highest for a front-month contract since Nov. 7.

Source : MarketWatch


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