Oil Prices Notch a Gain as Traders Eye Middle East Tensions

Friday, 3 January 2020 03:47 WIB



Oil futures started 2020 with a modest gain on Thursday, as traders eyed developments in the Middle East and weighed prospects for crude supply disruptions in the region.

Prices also found some support after China’s central bank announced it would provide a further shot of stimulus to the economy, which may boost the potential for energy demand.

West Texas Intermediate crude for February delivery on the New York Mercantile Exchange tacked on 12 cents, or 0.2%, to settle at $61.18 a barrel, while global benchmark Brent crude for March delivery rose 25 cents, or 0.4%, to $66.25 a barrel on ICE Futures Europe.

U.S. and most global financial markets were closed Wednesday for the New Year’s Day holiday.

Oil lost ground Tuesday but saw WTI, the U.S. benchmark, log a 34.5 % gain in 2019, while Brent, the global benchmark, rose 22.7%. It was the strongest year for both benchmarks since 2016.

Source : Market Watch


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