Oil Trades Near $60 on Storm Disruption as Glut Concerns Linger

Monday, 15 July 2019 13:14 WIB



Oil traded near $60 a barrel after a storm shut almost three-quarters of U.S. Gulf of Mexico crude production, even as lingering supply and demand concerns continue to dent the outlook.

Futures eased in New York after advancing 4.7% last week. About 73% of crude output was halted as of Sunday and some producers are preparing to return workers to offshore platforms as storm Barry weakens after making landfall. China’s economy slowed to a three-decade low during the second quarter amid a prolonged trade dispute with the U.S., while the IEA said Friday that there was a surprise increase in global stockpiles in the first half of this year.

Oil has been buoyed by shrinking U.S. crude stockpiles and rising tensions in the Middle East, which has prompted the U.K. to start talks with its allies about beefing up their military presence in the Persian Gulf to deal with the rising threat to shipping posed by Iran. The Organization of Petroleum Exporting Countries is also predicting a less than promising outlook, warning on Thursday of a glut in 2020 on the back of surging American shale.

West Texas Intermediate oil for August delivery fell 14 cents to $60.07 a barrel on the New York Mercantile Exchange as of 12:01 p.m. Singapore time. Prices added 1 cent on Friday, capping the biggest weekly gain since mid-June.

Brent for September settlement traded 6 cents lower at $66.66 a barrel on the ICE (NYSE:ICE) Futures Europe Exchange. Prices rose 3.9% last week. The benchmark global crude traded at a premium of $6.50 to WTI for the same month.

Source :


  • Oil prices fell on Friday in Asia even afterthe Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to increase output cuts by nearly 50% in early 2020. U.S. Crude Oil WTI ...



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.