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Oil Falls But Set To Post Biggest Monthly Rise In Years On Output Cuts


Friday, 29 May 2020 14:19 WIB

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Oil prices edged lower on Friday, set to post their first weekly fall in five weeks, 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.

Brent crude slipped 43 cents, or 1.2%, to $34.86 a barrel by 0643 GMT and U.S. West Texas Intermediate (WTI) crude was at $33.14 a barrel, down 57 cents, or 1.7%.

Both contracts are headed for their biggest monthly gains in years as production cuts and optimism about demand recovery led by China supported prices, analysts said.

WTI is on track to rise 76% for May, its biggest monthly gain ever, while Brent has gained 38%, the strongest monthly rise since March 1999.

Source : Reuters


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