DJIA25400.64
LIVE-147.63(-0.58%)
NDX9416.71
LIVE-25.34(-0.27%)

Oil jumps the most in more than a month as Street eyes deeper production cuts, coronavirus cases slow


Thursday, 13 February 2020 02:52 WIB

Minyak WTI


c_740_198_16777215_00_images_assets_Oil3_00crudeoil.jpg

Oil jumped more than 3% at the high on Wednesday as traders eyed deeper production cuts from OPEC, and as China reported the lowest number of new coronavirus cases since the end of January, easing concerns about a drop-off in demand for oil.

On Wednesday U.S. West Texas Intermediate crude gained 2.46%, or $1.23, to settle at $51.17 per barrel, its best day since Jan. 3. Brent crude rallied 3.4%, or $1.82, to trade at $55.83 per barrel. Earlier in the session WTI traded as high as $51.73, while Brent reached $56.26.

In a closely-watched monthly report published Wednesday, OPEC cut its forecast for oil demand growth this year, saying the coronavirus outbreak was the primary reason.

Source: CNBC


RELATED NEWS

  • Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong. A potential deterioration in relations between t...

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.