DJIA38790.43
LIVE75.66(0.20%)
NDX17985.01
LIVE176.76(0.99%)

Oil Drops Toward 17-Year Low as Hopes for OPEC-Texas Truce Fade


Monday, 23 March 2020 10:30 WIB

Minyak WTIbrent oilOil,Crude Oil


Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays.

Futures in London fell around 4% to near $26 a barrel, while West Texas Intermediate edged higher after the April contract expired Friday. Texas Railroad Commissioner Ryan Sitton landed a rare invitation to attend OPEC’s June meeting on Friday, but just hours later hopes for an agreement began to unravel as his call to curb output was criticized by fellow regulators and drillers.

Brent for May settlement lost 3.7% to $25.98 a barrel on the ICE Futures Europe Exchange as of 11:01 a.m. in Singapore after dropping to as low as $24.68 earlier. That’s less than its close of $24.88 a barrel on Wednesday, which was the lowest since May 12, 2003 when it settled at $24.63

WTI for May delivery rose 0.5% to $22.75 a barrel on the New York Mercantile Exchange after falling to as low as $20.80 earlier. The April contract plummeted 29% last week, the most since 1991.

Source : Bloomberg


RELATED NEWS

  • US crude futures post their ninth straight session of price increases, ending up 1% at $87.54 a barrel, which is the highest closing price since Nov. 11, 2022. Analysts attribute the gains to announc...

POPULAR NEWS

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.