Monday, 06 July 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Rises on Signs of U.S. Supply Drop, OPEC Shale Outlook
Thursday, 14 November 2019 18:49 WIB | COMMODITY |BrentWTIMinyak

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.

Futures added 1.1% in New York. Expectations that the U.S. government will report that crude inventories increased last week eased after data from the American Petroleum Institute, an industry body, signaled that stockpiles fell by 541,000 barrels. Meanwhile, OPEC Secretary-General Mohammad Barkindo said there will likely be downward revisions to U.S. shale output going into 2020.

OPEC™s prediction comes after major American shale producers including Pioneer Natural Resources Co. warned that the shale boom is ending, although the EIA increased its production forecast for next year on Wednesday. The Organization of Petroleum Exporting Countries also said it sees a possible upswing in demand, especially if the U.S. and China reach a preliminary trade deal.

West Texas Intermediate for December delivery rose 58 cents, or 1%, to $57.70 a barrel on the New York Mercantile Exchange as of 10:32 a.m. in London. It settled 32 cents higher at $57.12 on Wednesday.

Brent for January rose 68 cents, or 1.1%, to $63.05 a barrel on the London-based ICE Futures Europe Exchange after advancing 0.5% on Wednesday. The global benchmark crude traded at a $5.22 premium to WTI for the same month.

Source : Bloomberg

RELATED NEWS
Oil Falls As Virus Resurgence Fears Weigh On Fuel Demand Recovery...
Friday, 3 July 2020 11:16 WIB

Oil prices eased on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world™s largest oil consumer, stoked worries that a fuel demand recov...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus...
Friday, 3 July 2020 07:47 WIB

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest econ...

Oil Prices Slip On Demand Fears As U.S. Virus Cases Surge...
Thursday, 2 July 2020 14:27 WIB

Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 ...

Oil Edges Lower With Virus Fear Offset by U.S. Stockpiles Draw...
Thursday, 2 July 2020 08:10 WIB

Oil edged lower as the re-imposition of anti-virus measures in parts of the U.S. was partially offset by a bigger-than-expected draw in American crude stockpiles and plunging output from OPEC producer...

Oil Rose Toward $40 on Signs U.S. Stockpiles Are Shrinking...
Wednesday, 1 July 2020 11:33 WIB

Oil rose after its best quarter in almost three decades following a report pointing to the first drop in U.S. crude stockpiles since May. Futures in New York climbed toward $40 a barrel after closing...

LATEST NEWS
Hong Kong Stocks End Week on Strong Note (Review)

Hong Kong shares ended higher Friday, extending the previous day's near-three percent gains, as global markets were boosted by a better-than-expected reading on US jobs creation. The Hang Seng Index jumped 0.99 percent, or 248.93 points, to...

Colombia Arrests 8 More Suspects in Police Academy Car Bombing

Colombia has captured eight leftist rebels accused of killing at least 22 people in a bombing attack on a police academy. The National Liberation Army (ELN) claimed responsibility for the January 2019 car bombing in the capital Bogota. The rebel...

European markets close lower as virus concerns quell optimism over upbeat data

European stocks closed lower on Friday as concern over a spike in U.S. coronavirus infections tempered the optimism arising from upbeat economic data out of the U.S., China and the euro zone. The pan-European Stoxx 600 provisionally closed down...

POPULAR NEWS
Emas dan Saham Telah Berdamai
Friday, 3 July 2020 14:53 WIB

Untuk pertama kalinya tren indeks berjangka emas tidak terpengaruh oleh sentimen pasar saham selama masa pandemi COVID-19. Di sisi lain, emas saat...

Gold flat as virus fears offset gains in equities
Friday, 3 July 2020 17:11 WIB

Gold prices were little changed on Friday as worries over an accelerating number of coronavirus cases countered a fillip to risk sentiment from...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data
Friday, 3 July 2020 08:24 WIB

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs...

Hong Kong stocks post strong gains (Review)
Friday, 3 July 2020 03:13 WIB

Hong Kong stocks soared Thursday, in line with a global advance on hopes for a virus vaccine and despite concerns over a draconian security law...