DJIA29196.04
LIVE-152.06(-0.52%)
NDX9166.63
LIVE-7.10(-0.08%)

U.S. oil futures post biggest weekly rise since June


Saturday, 7 December 2019 03:13 WIB

Minyak WTI


c_740_198_16777215_00_images_assets_Oil3_sanleon.jpg

Oil futures settled higher on Friday, with U.S. prices up more than 7% for the week to mark their highest weekly percentage climb since June.

Prices got a lift after the Organization of the Petroleum Exporting Countries and its allies announced an agreement to cut production by an additional 500,000 barrels a day starting in January. Including the 1.2 million barrels in reductions under the current pact, that will bring total output cuts to 1.7 million barrels a day from October 2018 levels.

Even so, analysts said concerns surrounding a slowdown in oil demand remain. Meanwhile, Baker Hughes reported a seventh straight weekly decline in the number of active U.S. rigs drilling for oil.

January West Texas Intermediate oil rose 77 cents, or 1.3%, to settle at $59.20 a barrel on the New York Mercantile Exchange. For the week, the U.S. benchmark rose 7.3%, the biggest such rise since the week ended June 21, according to FactSet data.

Source: Marketwatch


RELATED NEWS

  • Oil prices dipped on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle. Brent crude was down 65 cents at $64....
  • Oil prices fell more than 1% on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya’s crude production to a trickle. Brent crude fell 98 cents,...
  • Oil prices rose on Tuesday after Libya declared force majeure on two major oilfields following a military blockade and protests escalated in Iraq, raising supply concerns. Brent crude was trading up ...
  • Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC me...

POPULAR NEWS

DISCLAIMER

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.