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Oil Climbs From One-Year Low With OPEC+ Split on Output Cuts


Wednesday, 5 February 2020 18:47 WIB

Minyak WTIMinyak MentahMinyak Brent


Oil increased from a one-year low toward $50 a barrel even as Saudi Arabia ran into Russian resistance in its push for further production cuts to combat a virus-driven demand decline.

Futures rose in New York as a technical indicator signaled crude is oversold after falling more than 20% since early January amid plentiful supplies and slumping demand. Saudi Arabia's push for deeper output reductions to combat the drop in consumption due to the coronavirus outbreak is being received with caution by Russia, whose budget is more resilient to lower prices.

West Texas Intermediate for March delivery added 17 cents, or 0.3%, to $49.78 a barrel on the New York Mercantile Exchange as of 7:53 a.m. in London. The contract fell 50 cents to $49.61 on Tuesday, the lowest since January 2019.

Brent for April settlement rose 0.4% to $54.20 a barrel on the London-based ICE (NYSE:ICE) Futures Europe exchange. The global benchmark crude traded at a premium of $4.23 to WTI for the same month.

Source : Bloomberg


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