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Oil Holds Losses on Signs OPEC Won't Make Deeper Production Cuts
Thursday, 7 November 2019 07:35 WIB | ENERGY |Minyak WTIOil,Crude Oil

Oil was steady in Asian trade after falling sharply the previous session on a report that the biggest producers in OPEC+ aren™t pushing for deeper oil-supply cuts when the group meets next month, and on U.S. government data showing a rise in crude supplies.

Futures in New York were little changed, after sliding 1.5% Wednesday for their biggest drop in nearly a week. U.S. crude inventories swelled by 7.93 million barrels last week, according to data from the Energy Information Administration. Reuters reported that a meeting between Chinese President Xi Jinping and U.S. President Donald Trump could be delayed until December, adding to the market™s softer tone.

West Texas Intermediate for December delivery rose 2 cents to $56.37 a barrel on the New York Mercantile Exchange as at 10:21 a.m. Sydney time. Dec. WTI fell 88 cents on Wednesday to settle at $56.35 a barrel.

Source : Bloomberg

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