Wednesday, 18 September 2019
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U.S. Oil Prices Rebound From 1-Month Low, But Post a Second Weekly Loss
Saturday, 4 May 2019 02:54 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil futures edged higher on Friday, with U.S. prices rebounding a bit from the one-month low they settled at a day earlier, but the commodity finished off the session peaks and posted a second consecutive weekly decline.

The expiration of U.S. waivers on Iran oil sanctions Thursday, along with persistent political turmoil in Venezuela, has led to the possibility of tighter global crude supplies. U.S. production, however, continues to stand at record levels.

U.S.-based West Texas Intermediate crude for June delivery added 13 cents, 0.2%, to settle at $61.94 a barrel, off the session™s $62.52 high. The front-month contract saw a weekly loss of about 2.2%, according to Dow Jones Market Data. It finished Thursday at $61.81 on the New York Mercantile Exchange, the lowest since April 1.

Global benchmark July Brent crude rose by a dime, 0.1%, to $70.85 a barrel on ICE Futures Europe. It dropped below $70 on Thursday but finished at $70.75, the lowest for a front-month contract since April 9. Front-month contract prices lost roughly 1.1% for the week.

Source : Marketwatch

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