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Oil logs a weekly loss amid worries about rise in supplies


Saturday, 14 September 2019 02:24 WIB

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Oil futures finished lower on Friday, with both U.S. and international benchmark crude posting sizable weekly falls as worries about the prospect of rising inventories appeared to overshadow a U.S.-China tariff detente.

West Texas Intermediate crude for October delivery fell 24 cents, or 0.4%, to settle at $54.85 a barrel on the New York Mercantile Exchange—for a roughly 3% weekly decline, according to Dow Jones Market Data, tracking the front-active contract. November Brent crude  shed 16 cents, or 0.3%, to $60.22 a barrel on the ICE Futures, with prices marking a weekly fall of 2.1%.

The Joint Ministerial Monitoring Committee, or JMMC, which monitors compliance with output reductions set by an OPEC+ agreement that began at the start of this year, on Thursday “underscored the critical need for continued commitment” to the pledged production cuts. It said compliance with the cuts stood at 136% in August.

Source : Marketwatch


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