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Oil Heads for Weekly Loss on Signs of Adequate Global Supplies
Friday, 15 November 2019 19:03 WIB | COMMODITY |BrentWTIMinyak

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, bringing the loss this week to 1.3%. U.S. government data showed stockpiles expanded by 2.22 million barrels last week as production rose to a record, while the International Energy Agency said fresh supplies from America and beyond will continue to œcalm world markets in 2020. OPEC gave further signals it won™t step up efforts to support prices.

Oil is down 15% since an April peak as the spat between Beijing and Washington over trade dents demand and global inventories swell. The Organization of Petroleum Exporting Countries has indicated it won™t cut output deeper to stave off the impending surplus and predicts worldwide supplies will exceed demand by about 645,000 barrels a day in the first half of next year.

West Texas Intermediate for December delivery fell 28 cents to $56.49 a barrel on the New York Mercantile Exchange as of 10:39 a.m. London time. The contract slid 35 cents to $56.77 on Thursday.

Brent for January settlement dropped 48 cents, or 0.8%, to $61.80 a barrel on the London-based ICE Futures Europe Exchange. The contract is down 1.1% this week. The global benchmark crude traded at a $5.19 premium to WTI for the same month.

Source : Bloomberg

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