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Oil Dips as U.S. Output Gains Signal No End to a Persistent Glut
Friday, 13 October 2017 02:32 WIB | ENERGY |Minyak WTI

Oil declined as the International Energy Agency cast doubts on the prospect of reducing a price-killing global glut, even as a report showed a bigger-than-expected drop in U.S. crude inventories.

Futures fell 1.4 percent in New York, erasing some losses during the session. The IEA said crude inventories may remain bloated next year, cappingprices. Even if OPEC and other major oil suppliers prolong production cuts, surging output from U.S. shale fields and elsewhere will frustrate those efforts, the Paris-based agency said. The Energy Information Administration™s weekly tally showed domestic stockpiles slid for a third straight week.

West Texas Intermediate for November delivery dropped 70 cents to settle at $50.60 a barrel on the New York Mercantile Exchange. Total volume traded was about 7 percent below the 100-day average.

Brent for December settlement declined 69 cents to end the session at $56.25 on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $5.32 to December WTI.

 

Source: Bloomberg

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