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Oil Holds Near $50 as OPEC+ Hesitates Despite Signs of Surplus


Monday, 10 February 2020 18:44 WIB

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Oil held near $50 a barrel in New York on signs that OPEC and its allies probably won't go ahead with a much-touted emergency meeting, even as a global oversupply piles up.

West Texas Intermediate crude for March declined 0.5% to $50.09 a barrel on the New York Mercantile Exchange as of 11:22 a.m. in London. It closed 1.2% lower on Friday.

Brent for April delivery fell 0.4% to $54.25 a barrel on the London-based ICE Futures Europe exchange after losing 0.8% Friday. The global crude benchmarktraded at a $3.91 premium to WTI for the same month.

Source : Bloomberg


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