DJIA25383.11
LIVE-17.53(-0.07%)
NDX9555.53
LIVE138.82(1.47%)

Oil Steadies Above $56 As Supply Constraints Counter Virus Fears


Tuesday, 25 February 2020 18:57 WIB

MinyakWTIBrent


c_740_198_16777215_00_images_assets_OIL2_MW-EZ002_oil_su_20161028150303_ZH.jpg

Oil steadied above $56 a barrel on Tuesday after two days of declines as OPEC output cuts and Libyan supply losses balanced concerns about the spread of the coronavirus and its impact on oil demand.

Crude fell almost 4% on Monday, with other commodities also posting losses while U.S. and European equities suffered their steepest declines since mid-2016 on concern the coronavirus outbreak could turn into a pandemic.

Brent crude rose 5 cents to $56.35 a barrel by 09:52 GMT. U.S. West Texas Intermediate crude was down 14 cents at $51.29.

Concern that the virus will spread and curb economic growth and oil demand has pushed down Brent crude by almost $10 a barrel this year despite the involuntary shutdown of most of Libya's output as well as a supply pact between the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Source : Reuters


RELATED NEWS

  • 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...
  • Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while U.S.-China tensions added to negative se...

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.