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Oil Set for Biggest Weekly Gain in 2 Years on Growing Optimism
Friday, 11 January 2019 07:45 WIB | ENERGY |MinyakWTIBrentOil,

Oil is poised for the biggest weekly gain in more than two years as OPEC+ cuts, a potential U.S.-China trade deal and U.S. interest rate policy bolstered bullish sentiment.

Futures are headed for 9.1 percent advance this week, the most since December 2016. The Saudi-led producer coalition pledged to keep markets in balance, while optimism grew that the U.S. and China would eventually reach an agreement following three-day talks. Meanwhile, Federal Reserve Chairman Jerome Powell™s comments that the central bank can be œpatient and flexible before adjusting rates reassured investors.

WTI for Feb. delivery slipped 31 cents to $52.28/bbl on Nymex as of 8:59am in Tokyo. Contract rose 23 cents to $$52.59 on Thursday

March Brent added 24 cents to $61.68/bbl on ICE Futures Europe exchange on Thursday. Brent ended session at $8.77 premium to WTI for the same month.

Source: Bloomberg

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