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Oil Snaps 2-Day Rally on China; OPEC Optimism Delivers Positive Week


Saturday, 23 November 2019 03:55 WIB

MinyakWTIBrent


Oil prices snapped their two-day rally on Friday on U.S.-China angst, but still managed to finish the week higher on suggestions that OPEC+ production cuts will continue until June.

U.S. West Texas Intermediate and U.K. Brent crude settled down about 1% on the day and steady on the week.

The disparity came as traders tried to balance out China’s latest dare against U.S. tariffs with Russia’s assurance that it had its ally OPEC’s back on output reductions. Some even noted that the futures market in crude seemed to be aligning with higher physical prices -- a rare occurrence indeed.

WTI settled down 81 cents, or 1.4%, at $57.77 per barrel.

Brent, the global benchmark for crude, closed the New York session down 58 cents, or 0.9%, at $63.39.

For the week, both WTI and Brent rose less than a dime each. Their yearly performance was much better, of course, with gains of 28% and 18%, respectively.

Source : Investing.com


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