Thursday, 09 July 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
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

RELATED NEWS
Oil Dips As U.S. Inventory Build Stokes Supply Fears...
Wednesday, 8 July 2020 19:20 WIB

Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about...

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...

LATEST NEWS
Bursa Saham Hong Kong Dibuka Dengan Penguatan

Saham-saham Hong Kong mengawali Kamis pagi dengan keuntungan yang sehat menyusul pemecahan rekor baru di Wall Street. Indeks Hang Seng naik 0,85 persen, atau 221,95 poin, menjadi 26.351,13. Indeks Shanghai Composite naik 0,04 poin menjadi...

Gold Holds Near 2011 High on Virus Concerns, Dollar

Gold held near the highest level in almost nine years as concerns over the coronavirus pandemic drives demand for haven assets, while the dollar slipped. The number of confirmed infections in the U.S. surpassed 3 million,...

Oil Anchored Near $41 With Gains Capped by Rising Stockpiles

Oil was anchored near $41 a barrel in New York with swelling U.S. crude stockpiles raising fresh concerns about supply, while coronavirus cases continued to surge across the world. Stockpiles at the key storage hub...

POPULAR NEWS
Gold price bull rally: the drive is alive
Monday, 6 July 2020 13:40 WIB

Gold achieved an important milestone this past week as priced pushed above $1,800 an ounce for the first time since 2011 and with strong...

Gold futures finish higher, near 1-week high
Tuesday, 7 July 2020 01:35 WIB

Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. The ICE U.S. Dollar Index was...

Gold futures log highest finish since September 2011
Wednesday, 8 July 2020 01:13 WIB

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a...

Gold Ticks Up on Concerns Over Increase in Virus Cases
Monday, 6 July 2020 14:27 WIB

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high...