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Oil hits highest since September on trade hopes, OPEC cuts


Thursday, 26 December 2019 19:36 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil rose further above $67 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, by hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.

The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S. crude stocks fell by 7.9 million barrels last week, much more than the decline forecast by analysts.

Brent crude, the global benchmark, reached $67.50 a barrel, the highest since Sept. 17, and as of 09:55 GMT was up 22 cents at $67.42. U.S. West Texas Intermediate crude gained 20 cents to $61.31.

Trading volume remains low due to the Christmas holidays, which have delayed the release of the U.S. government's official oil inventory report by two days until Friday.

Source : Reuters


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