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Oil Rebounds as OPEC Signaling Deal Extension Stokes Optimism
Tuesday, 17 April 2018 13:13 WIB | COMMODITY |MinyakWTIBrent

Oil rebounded from the biggest loss in more than a week as OPEC hinting at extending output cuts fans optimism and investors anticipate a drop in U.S. stockpiles.

Futures in New York climbed 0.5 percent after losing 1.7 percent on Monday. Kuwait said the Organization of Petroleum Exporting Countries and allied producers will discuss extending an agreement to cut oil output into 2019. Adding to optimism, analysts surveyed by Bloomberg forecast U.S. crude inventories probably fell last week after holding below the five-year average the previous four weeks.

Oil surged to a three-year high last week after geopolitical risks such as the conflict in Syria and tensions between Saudi Arabia and Iran-backed rebels in Yemen raised concerns over potential supply disruptions. Record U.S. crude production remains a major worry for OPEC and its allies who have been battling to reduce a global glut via supply reductions for the last 15 months.

West Texas Intermediate for May delivery climbed as much as 42 cents to $66.64 a barrel on the New York Mercantile Exchange, and traded at $66.51 at 12:34 p.m. in Tokyo. The contract fell $1.17 to close at $66.22 on Monday. Total volume traded was about 19 percent below the 100-day average.

Brent for June settlement added 23 cents to $71.65 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $5.17 premium to June WTI.

Source : Bloomberg

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