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Oil rises more than 1% on smaller-than-expected rise in crude stocks


Thursday, 5 March 2020 09:35 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices rose more than 1% on Thursday, recouping losses from the previous day on a smaller-than-expected rise in crude oil inventories in the United States, although the gains were capped by uncertainties over cuts by major oil producers.

Brent crude rose by 78 cents, or 1.5%, to $51.91 per barrel by 02:02 GMT, while U.S. West Texas Intermediate (WTI) was up by 69 cents, or 1.5%, at $47.47 per barrel.

Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC), meanwhile, struggled on Wednesday to win support from Russia to join them in additional oil output cuts to prop up prices that have tumbled by a fifth this year because of the coronavirus outbreak.

Saudi Arabia wants extra cuts of 1 million to 1.5 million barrels per day (bpd) for the second quarter, and to keep existing cuts of 2.1 million bpd in place until the end of 2020.

Source : Reuters


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