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Oil Set for Weekly Gain as OPEC+ Meets to Discuss Extending Cuts
Friday, 15 March 2019 19:06 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil headed for a second weekly gain as the world™s top crude producers are scheduled to discuss extending their pledged output curbs to avert a global glut.

Futures in New York traded near a four-month high, on course for a 4.4 percent weekly advance. OPEC™s secretariat urged producers to continue efforts to prevent a surplus this year, ahead of a weekend gathering of the cartel and its allies. A surprise drop in U.S. crude inventories reported on Wednesday added to signs of a tightening market.

West Texas Intermediate for April delivery climbed as much as 34 cents to $58.95 a barrel on the New York Mercantile Exchange, and traded little changed at $58.57 as of 10:36 a.m. London time. The contract rose 35 cents to $58.61 on Thursday, the highest since Nov. 12.

Brent for May settlement slipped 16 cents to $67.07 a barrel on the London-based ICE Futures Europe exchange. The contract is up 2 percent this week, after closing 32 cents down at $67.23 on Thursday. The global benchmark crude traded at an $8.21 premium to WTI for the same month.

Source : Bloomberg

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