DJIA26883.73
LIVE-51.34(-0.19%)
NDX7807.83
LIVE-15.72(-0.20%)

Oil Extends Record Losing Streak as Trump Blasts Saudi Plan


Tuesday, 13 November 2018 18:07 WIB

MinyakWTIBrentOil,Minyak Berjangka


c_740_198_16777215_00_images_assets_OIL2_Arab-Saudi-Saudi-Aramco-akan-pangkas-produksi-minyak-harga-minyak-naik-560x416.jpg

Oil fell for a 12th day, its longest losing streak on record, after U.S. President Donald Trump criticized Saudi Arabia's plan to cut output.

West Texas Intermediate futures in New York sank as much as 2.6 percent, extending a drop of more than 11 percent since Oct. 26. Prices 'should be much lower based on supply,' Trump said in a tweet, after Saudi Energy Minister Khalid Al-Falih said producers need to cut about 1 million barrels a day. Meanwhile, the dollar rose to an 18-month high, hurting demand for commodities priced in the U.S. currency.

WTI for December delivery declined as much as $1.55 to $58.38 a barrel on the New York Mercantile Exchange, and traded at $58.51 as of 10:27 a.m. London time. The contract fell 26 cents on Monday to the lowest close since Feb. 13. Total volume traded Tuesday was about 50 percent above the 100-day average.

Brent futures for January settlement fell $1.57 to $68.55 a barrel on the London-based ICE Futures Europe exchange, after dropping 6 cents on Monday to a seven-month low. The global benchmark crude traded at a $9.88 premium to WTI for the same month.

Source: Bloomberg


RELATED NEWS

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.