DJIA27110.98
LIVE829.16(3.15%)
NDX9824.39
LIVE194.73(2.02%)

Oil Holds Record Gain in Wild Week as Trump Wades Into Tussle


Friday, 20 March 2020 08:03 WIB

MinyakWTIBrent


c_740_198_16777215_00_images_assets_OIL2_LYNXMPEB2M052_L.jpg

Oil kept climbing after its biggest ever single-day gain as U.S. President Donald Trump waded into the price war between Saudi Arabia and Russia that has rocked crude markets amid slumping demand.

Futures in New York posted the biggest spike on record Thursday, rebounding from the lowest settlement since 2002. Oil has been whipsawed this week as investors weigh further stimulus measures to combat the impact of the coronavirus pandemic against collapsing demand and an impending supply flood from the world’s biggest crude producers.

Trump said he was searching for “medium ground” to break the deadlock between the two oil superpowers as he faces calls from lawmakers to help the domestic oil industry. The U.S. also said it would kick off its commitment to fill its strategic reserves by buying 30 million barrels of American crude.

While oil has clawed back some losses many traders are bracing for the market rout to continue to below $20 a barrel, according to a Bloomberg survey. The price war is a “lose-lose strategy” for the Saudis and Russia, analysts at MUFG Bank Ltd. said in a note, with the fiscal and revenue outlook for both countries challenging if crude holds below $40 for a protracted period.

Saudi Arabia has ordered state-run Aramco to keep output at a record high of 12.3 million barrels a day over the coming months, but in a surprise move Thursday, both the kingdom and Iraq cut the rebates on freight costs they give to customers, effectively lifting prices.

West Texas Intermediate for April delivery, which expires Friday, rose 56 cents to $25.78 a barrel on the New York Mercantile Exchange as of 7:54 a.m. in Singapore, trimming a fourth weekly loss. The more-active May contract gained 1.6% to $26.33. Brent crude for May added 0.3% to $28.55 on the ICE Futures Europe exchange after climbing 14% on Thursday.

Source : Bloomberg


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...

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.