DJIA21914.37
LIVE-413.11(-1.85%)
NDX7813.50
LIVE-75.51(-0.96%)

Oil Steady After 7-Day Rally on Supply Outlook and Stimulus Hope


Thursday, 20 February 2020 19:40 WIB

MinyakWTIBrent


c_740_198_16777215_00_images_assets_OIL2_blok-cepu-punya-cadangan-minyak-mentah-729-juta-barel-kapan-habisnya-u6ZhGAl0h9.jpg

Oil steadied in London after the longest rally in a year on signs of tighter global supply, and hopes that Chinese economic stimulus will cushion fuel demand from the impact of the coronavirus.

Brent traded near $59 a barrel after gaining 11% during a seven-day advance. The U.S. projected that shale output, which has kept markets awash with oil for years, will see only limited growth next month. The halt of exports from OPEC member Libya is showing no signs of ending, and American sanctions on Rosneft PJSC’s trading unit could impede shipments from Venezuela.

The Organization of Petroleum Exporting Countries and its allies seem to have given up on an emergency meeting to respond to the virus, with the coalition sticking to the scheduled gathering in early March. The group may still consider supply cuts then after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman compared the impact of the epidemic to a blaze that needs the fire brigade.

Oil prices have also been boosted by China’s deployment of a range of measures to support the economy, including lower borrowing costs for new corporate and household loans.

Industry data on Wednesday indicated that U.S. crude inventories swelled by more than 4 million barrels last week, though stockpiles of refined products declined. Government data due to be published later today is also forecast in a Bloomberg survey to show an increase in crude stocks.

Brent for April settlement lost 5 cents to $59.07 a barrel on the ICE Futures Europe exchange as of 10:42 a.m. in London. West Texas Intermediate for March delivery, which expires on Thursday, rose 18 cents to $53.47 on the New York Mercantile Exchange.

Source : Bloomberg


RELATED NEWS

  • Oil prices were mixed on Friday as the market weighed the potential benefits of stimulus efforts by policymakers around the world against demand destruction caused by fallout from the rapid spread of ...
  • Oil prices fell on Monday as governments escalated lockdowns to curb the spread of the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a global economic contract...

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.