Sunday, 23 September 2018
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Trades Below $57 as the IEA Reduces Demand Forecasts
Tuesday, 14 November 2017 18:43 WIB | ENERGY |WTIBrent

Oil traded below $57 a barrel as the International Energy Agency trimmed estimates for demand this year and next.

Futures dropped 0.4 percent in New York. This year™s price gains along with milder-than-normal winter weather are putting a brake on demand growth, the IEA said in a report Tuesday. The agency diverged from OPEC, which on Monday increased estimates for the amount it will need to pump to meet demand next year by 400,000 barrels a day. 

Oil last week capped the longest run of weekly gains since October 2016 amid tension in the Middle East and on signs the Organization of Petroleum Exporting Countries will extend output curbs past the end of March. The market is re-balancing at a quickening pace and supply cuts are the œonly viable option to restore stability, OPEC Secretary-General Mohammad Barkindo said.

West Texas Intermediate for December delivery was at $56.54 a barrel on the New York Mercantile Exchange, down 22 cents, at 10:55 a.m. in London. Total volume traded was about 32 percent below the 100-day average. Prices rose 2 percent last week.

Brent for January settlement dropped 28 cents, or 0.5 percent, to $62.88 a barrel on the London-based ICE Futures Europe exchange. Prices lost 36 cents, or 0.6 percent, to $63.16 on Monday. The global benchmark traded at apremium of $6.13 to January WTI.

The IEA reduced its demand estimate for 2018 by 200,000 barrels a day to 98.9 million a day, according to projections in its monthly report. Forecasts for demand growth next year also fell by 100,000 barrels a day to 1.3 million a day, a growth rate of 1.3 percent.

Source: Bloomberg

RELATED NEWS
U.S. oil ends week at 2-month high, books second straight weekly advance...
Saturday, 22 September 2018 02:11 WIB

Harga minyak AS berakhir lebih tinggi pada Jumat sore, setelah sempat memangkas kenaikan intradaynya, seiring harga melonjak menjelang pertemuan produsen minyak utama di Aljazair selama akhir pekan in...

Oil Prices Climb, Set For Weekly Gain Ahead of Oil-Producer Gathering...
Friday, 21 September 2018 20:08 WIB

Harga minyak naik pada awal Jumat, melayang dekat level tertinggi multi tahunnya, menjelang pertemuan di Aljazair antara produsen utama di mana tingkat produksi diperkirakan akan dibahas dalam mengant...

Oil Set for Weekly Gain as Saudis Signal Ease With Higher Prices...
Friday, 21 September 2018 08:04 WIB

Minyak mentah Brent menuju kenaikan mingguan kedua bahkan ketika Presiden AS Donald Trump memperbarui tekanan pada OPEC untuk meningkatkan output setelah Arab Saudi mengisyaratkan kenyamanannya dengan...

U.S. Oil Futures Settle Lower as Trump Pressures OPEC to Lower Prices...
Friday, 21 September 2018 02:03 WIB

Harga minyak jatuh pada Kamis ini setelah Presiden AS Donald Trump, dalam sebuah tweet, menyerukan Organisasi Negara Pengekspor Minyak untuk menurunkan harga minyak mentah. "AS sangat ingin menghinda...

Oil Extends Gains as Shrinking U.S. Stockpiles Signal Tightness...
Thursday, 20 September 2018 09:33 WIB

Minyak diperdagangkan di atas $ 71 per barel di tengah kekhawatiran pengetatan pasar setelah persediaan minyak mentah AS turun untuk pekan kelima pada saat sanksi Amerika terhadap Iran mengancam untuk...

POPULAR NEWS
Gold futures mark highest settlement this month to date

Gold saw prices edge higher, building on a rise...

Dow, S&P 500 Close at Records as Blue Chips Support Broad-Based Rally

U.S. stocks closed higher Thursday, with both...

Gold Edges Lower, But Aims For Back-to-Back Weekly Gain Ahead of Fed Decision

Gold prices dipped on Friday but are trying for...

LATEST NEWS
Hong Kong Stocks Head Into Weekend On Strong Note (Review)

Hong Kong stocks posted a fourth day of gains Friday to end the week with a sparkle following a record close on Wall Street, with investors concentrating on the healthy US economy rather than the China-US trade row. The Hang Seng Index rose 1.73...

Dow marks 2nd all-time high in a row but tech stocks weigh on broader market

The Dow Jones Industrial Average notched its second straight record close in succession, but declines in consumer-discretionary shares and technology weighed on the broader market. The Dow closed up 0.2% at 26,719 (on a preliminary basis). while...

US Slaps Sanctions on Chinese Military Agency

China has called on the United States to withdraw sanctions it imposed on a Chinese military agency for buying Russian weapons or 'bear the consequences.' Speaking to reporters Friday, foreign ministry spokesman Geng Shuang said that Beijing had...