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Oil Holds Gains Near Five-Week High on Stronger Demand Outlooks
Thursday, 14 September 2017 09:09 WIB | ENERGY |Minyak WTIMinyak WTI Berjangka

Oil held gains near a five-week high as the International Energy Agency and OPEC boosted demand forecasts.

Futures were little changed in New York after rising 3.8 percent in the previous three sessions. Global demand will climb this year by the most since 2015, the IEA said Wednesday. OPEC on Tuesday raised estimates for the amount of crude it will need to supply in 2018 on stronger consumption from Europe and China. U.S. oil output gained last week as operations returned after Hurricane Harvey.

West Texas Intermediate for October delivery was at $49.23 a barrel on the New York Mercantile Exchange, down 7 cents, at 9:44 a.m. in Hong Kong. Total volume traded was about 56 percent below the 100-day average. Prices rose $1.07 to $49.30 on Wednesday, the highest close since Aug. 9.

 

Source: Bloomberg

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