Tuesday, 19 November 2019
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Resumes Gains as Trade Tariff Rollback Counters OPEC Curbs
Thursday, 7 November 2019 19:27 WIB | COMMODITY |BrentWTIMinyak

Oil jumped as China and the U.S. made progress in resolving the trade dispute that has weighed on global markets this year, offsetting signs that OPEC and its partners won™t make deeper cuts to supply.

Brent crude rose as much as 1.5% in London, reversing much of Wednesday™s 1.9% decline. China and the U.S. have agreed to proportionally roll back tariffson each other™s goods in phases, a Chinese Ministry of Commerce spokesman said. OPEC and its allies are more likely to stick to their current output targetswhen the group meets next month, according to delegates across the coalition.

Oil is still down about 17% from the peak reached in April on concern that a sluggish global economy and climbing supplies from the U.S. and elsewhere will soon tip the market into oversupply. U.S. crude inventories surged by 7.9 million barrels last week, almost four times more than the median estimate in a Bloomberg survey.

Brent for January settlement climbed as much as 92 cents to $62.66 a barrel on the ICE Futures Europe Exchange, and traded at $62.54 as of 10:29 a.m. London time. The contract dropped $1.22 to $61.74 on Wednesday. The global benchmark crude traded at a $5.41 premium to West Texas Intermediate.

WTI for December delivery gained 72 cents, or 1.3%, to $57.07 a barrel on the New York Mercantile Exchange. The contract fell 88 cents to close at $56.35 on Wednesday, snapping a 5.6% gain over three days.

Source : Bloomberg

RELATED NEWS
Oil Heads for Weekly Loss on Signs of Adequate Global Supplies...
Friday, 15 November 2019 19:03 WIB

Oil headed for a weekly decline as rising U.S. crude inventories and new production elsewhere signaled that global markets will remain comfortably supplied. Futures slipped 0.5% in New York, bri...

Oil Rises on Signs of U.S. Supply Drop, OPEC Shale Outlook...
Thursday, 14 November 2019 18:49 WIB

Oil rose for a second day after an industry report pointed to a drop in U.S. inventories, and as OPEC said it sees potential for a œsharp slowdown in American shale output next year. F...

Oil Falls Amid Uncertainty Over Trade War and OPEC Supply Cuts...
Friday, 8 November 2019 19:50 WIB

Oil fell as traders awaited more concrete signs that the U.S. and China are resolving their trade dispute, and amid concerns that OPEC and its partners won™t deepen output curbs to pr...

Oil Slips From Six-Week High on Signs U.S. Supplies Rose Again...
Wednesday, 6 November 2019 18:18 WIB

Oil retreated from a six-week high as signs of another increase in U.S. crude reaffirmed the prevailing view that global markets are comfortably supplied. Futures lost as much as 0.8% in New Yor...

Oil Gains After U.S., Chinese Data Improve Demand Outlook...
Monday, 4 November 2019 18:28 WIB

Oil held its biggest gain in almost seven weeks after improved U.S. and Chinese economic data aided the demand outlook and Saudi Aramco said it would go ahead with its long-awaited initial public offe...

LATEST NEWS
Oil eases amid concern over U.S.-China trade talks dragging on

U.S. oil prices fell for the second straight day on Tuesday amid market jitters over limited progress between China and the United States on rolling back trade tariffs, while rising U.S. inventories also jangled nerves. West Texas Intermediate...

Tokyo stocks close lower with eyes on US-China trade row

Tokyo stocks lost ground on Tuesday as investors warily watched the latest developments in the US-China trade row, with few other fresh market-moving events. The benchmark Nikkei 225 index fell 0.53 percent, or 124.11 points, to close at...

Gold holds steady amid lingering doubts over US-China trade deal

Gold held steady on Tuesday after hitting its highest in over one-and-a-half weeks, propped up by doubts about a trade deal between the United States and China. Spot gold was little changed at $1,470 per ounce as of 04:44 GMT. It had hit the...

POPULAR NEWS
Gold Edges Up On Chinese Worry Over Trump Impeachment
Tuesday, 19 November 2019 03:44 WIB

Gold was back on track to being a hedge to the trade war on Monday after talk of Beijing™s anxiety over President Donald Trump™s impeachment...

Gold Slides as ETF Holdings Drop, Trade Talks Progress
Monday, 18 November 2019 16:00 WIB

Gold declines after a narrow weekly advance as investors awaited fresh developments on the trade front and weighed data that showed a drop in...

Gold Steady With Trade Developments, ETFs in Focus
Monday, 18 November 2019 09:36 WIB

Gold was little changed after a narrow weekly advance as investors awaited fresh developments on the trade front and weighed data that showed a...

Hong Kong stocks start with gains
Monday, 18 November 2019 09:05 WIB

Hong Kong stocks opened higher Monday following another record-setting close on Wall Street, though traders remained on edge as the city was wracked...