Oil Set for Biggest Weekly Drop Since July on Demand Pessimism

Friday, 4 October 2019 19:07 WIB



Oil headed for its biggest weekly decline since the middle of July as a streak of disappointing economic data added to fears a global recession is coming.

Futures in New York edged higher Friday, but are down 5.8% this week. A key measure of American service industry activity dropped to the lowest in three years last month, while an employment gauge registered its weakest print in more than five years. That came after U.S. payroll numbers fell short of estimates earlier in the week, there were signs of stagnation in the euro-area economy and there was a surprise increase in American crude stockpiles.

The deteriorating U.S. economy -- and more signs of weakness in China and Germany -- is worsening what was an already fragile consumption outlook for fuels. OPEC member Nigeria warned Thursday that oil demand will be “very challenging” next year. These concerns and a quick return of Saudi Arabian production have evaporated oil’s gains following the Sept. 14 attacks on the kingdom.

West Texas Intermediate for November delivery rose 25 cents, or 0.5%, to $52.70 a barrel on the New York Mercantile Exchange as of 11:06 a.m. in London.

Brent for December increased 0.8% to $58.19 a barrel on the ICE Futures Europe Exchange, and is down 6.1% for the week. It traded at a $5.57 premium to WTI for the same month.

Source : Bloomberg


  • Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. B...



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.