Oil Extends Drop as Trump's Mexico Tariffs Worsen Demand Worries

Friday, 31 May 2019 13:59 WIB

Minyak WTIMinyak MentahMinyak Brent


Oil dropped to around $56 a barrel after President Donald Trump said the U.S. would impose tariffs on all Mexican goods, opening up a new front in the trade war and further damping the demand outlook.

Futures in New York fell as much as 1.6% after Trump announced the 5% levies, which will be effective from June 10 and could go as high as 25% on Oct. 1., which are aimed at getting Mexico to stop immigrants illegally entering the U.S. That followed a 3.8% tumble Thursday that was driven by rising U.S. gasoline stockpiles and a smaller-than-expected oil draw from storage facilities, which fueled worries about falling demand in the world’s largest economy.

West Texas Intermediate crude for July fell 63 cents, or 1.1%, to $55.96 a barrel on the New York Mercantile Exchange as of 1:11 p.m. in Singapore after dropping as much as 93 cents earlier. The contract is down 4.5% so far this week, taking its drop in May to more than 12%.

Brent for July settlement declined 88 cents, or 1.3%, to $65.99 a barrel on London’s ICE Futures Europe exchange after closing down 3.7% on Thursday. The global benchmark crude was trading at a premium of $10.01 a barrel to WTI.

Source : Bloomberg




Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.