Saturday, 30 May 2020
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Oil Holds Near $50 While Markets Wait on Russia Response to Cuts
Friday, 6 March 2020 08:56 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil steadied near $50 a barrel as investors wait for a Russian response to OPEC's plan for deeper and longer cuts to offset the demand destruction caused by the coronavirus.

Brent closed below $50 for the first time since mid-2017 on Thursday after OPEC ministers tried to force Russia into accepting a proposal for a supply cut of 1.5 million barrels a day through to year-end. Cartel members warned that a failure to join may lead to the coalition abandoning curbs altogether. OPEC Secretary-General Mohammad Barkindo struck a more conciliatory tone and said there is no reason to doubt Russia™s commitment to the alliance.

Brent for May settlement gained 8 cents, or 0.2%, to $50.07 a barrel on the ICE Futures Europe exchange as of 9:34 a.m. in Singapore after rising as much as 0.9% earlier. The contract dropped 2.2% to settle at $49.99 on Thursday.

West Texas Intermediate futures for April delivery were little changed at $45.95 a barrel on the New York Mercantile Exchange. The U.S. crude benchmark ended 1.9% lower on Thursday.

Source : Bloomberg

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