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Oil trades mixed but recent rally sets crude up for strong 2018 gains


Friday, 29 June 2018 18:58 WIB

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Crude-oil prices were trading mixed Friday morning, but the commodity is set to book strong weekly, monthly, quarterly and first-half gains as long-running efforts by OPEC, anticipated increases in demand, and supply disruptions have combined to thrust futures higher.

On the New York Mercantile Exchange, August West Texas Intermediate crude the U.S. benchmark, slipped by 20 cents, or 0.3%, at $73.24 a barrel, but was set to post a return of 6.8% for the week, 9.2% for the month, about 13% for the quarter, and nearly 21% for the first half of 2018, according to FactSet data based on the most-active contract.

August Brent crude the global benchmark, traded up 87 cents, or 1.2%, to $78.47 a barrel, with prices trading around the highest levels since at least May. The The August contract expires at the end of Friday’s session. The September contract which is the most active, was up 87 cents, or 1.1%, at $78.48 a barrel. The most-active Brent contract is set for a weekly rise of 3.8%, a monthly advance of 1.1%, a second-quarter return of 12%, and a gain of 17% in the first six months of the year thus far.

Source : Marketwatch


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