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Oil Steadies as Saudis Pledge Swift Return of Lost Production


Thursday, 19 September 2019 09:22 WIB

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Oil held its decline from the dramatic spike earlier in the week as supply assurances from Saudi Arabia and the International Energy Agency calmed the market after the devastating weekend attacks.

West Texas Intermediate crude for October delivery rose 8 cents, or 0.1%, to $58.19 a barrel on the New York Mercantile Exchange as of 10:09 a.m. in Singapore. It dropped 2.1% Wednesday following a 5.7% decline on Tuesday.

Brent for November settlement added 6 cents to$63.66 a barrel on the ICE Futures Europe Exchange after falling 1.5% on Wednesday. The global benchmark crude was trading at a $5.51 premium to WTI for the same month.

An Energy Information Administration report showed U.S. oil inventories rose by 1.06 million barrels last week. That was almost double what the American Petroleum Institute reported Tuesday and compared with analyst forecasts for a 2.25 million barrel decline. Gasoline stockpiles increased 781,000 barrels, while distillate supplies climbed 437,000 barrels, the EIA said.

Source : Bloomberg


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