Oil Holds Two Days of Losses as Demand Outlook Deteriorates

Wednesday, 16 October 2019 09:17 WIB

Minyak WTIMinyak MentahMinyak Brent


Oil held two days of losses as a worsening demand outlook was compounded by signs it will be difficult for the U.S. and China to reach even a limited trade deal.

Futures in New York edged higher after dropping 3.5% over the previous two sessions. Beijing wants a rollback in tariffs before it agrees to buy as much as $50 billion of U.S. agriculture products that President Donald Trump claims are part of an initial deal, people familiar with the matter said. China also threatened to retaliate if the U.S. Congress passes a law on Hong Kong.

West Texas Intermediate for November delivery rose 13 cents, or 0.3%, to $52.94 a barrel on the New York Mercantile Exchange as of 10:04 a.m. in Singapore. It fell 1.5% on Tuesday.

Brent crude for December settlement climbed 0.2% to $58.85 a barrel on the London-based ICE Futures Europe Exchange after falling 1% on Tuesday. The global benchmark traded at a $5.85 premium to WTI for the same month.

Source : Bloomberg


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