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Oil heads for fifth straight gain, buoyed by expected drop in U.S. stockpiles


Wednesday, 10 July 2019 18:41 WIB

Minyak WTIMinyak BrentStok Minyak AS


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Oil prices shot higher Wednesday, working toward a string of five uninterrupted daily gains, as preliminary U.S. data showed a larger-than-expected drop in supply.

The price gain was also due to several companies having “evacuated and reduced production at their offshore platforms in the Gulf of Mexico following a warning that a tropical disturbance is set to turn into a storm later this week,” JBC Energy analysts reported, according to the Wall Street Journal.

August West Texas Intermediate crude rose $1.38, or 2.3%, to $59.20 a barrel on the New York Mercantile Exchange. The settlement at $57.83 Tuesday was the highest for a front-month contract since July 1, FactSet data show.

International benchmark September Brent climbed $1.45, or 2.2%, to $65.61 a barrel on ICE Futures Europe.

Source : MarketWatch


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