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Oil Prices Recover After Output From U.S., Russia, OPEC Drop


Tuesday, 1 October 2019 12:51 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil prices rebounded on Tuesday on reports that production at the world's largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns continued to keep a lid on prices.

December Brent crude futures rose 51 cents, or 0.86% to $59.76 a barrel by 0426 GMT, while U.S. West Texas Intermediate crude for November was up 52 cents, or 0.96%, at $54.59 a barrel.

Front-month prices for both contracts posted their largest quarterly falls this year on Monday, hurt by a slowdown in global economic growth amid the U.S.-China trade war.

Oil prices are likely to remain steady, with Brent averaging $65.19 a barrel and WTI $57.96 in 2019, as flagging demand outweighs supply shocks, a Reuters survey showed.

Source : Reuters


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