Wednesday, 20 June 2018
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Oil Trades Near $67 as Russia, Saudi Discuss OPEC Pact in Moscow
Thursday, 14 June 2018 18:58 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil steadied just below $67 a barrel as Saudi Arabia and Russia began discussions on how to proceed with a global pact to balance crude markets.

Futures in New York were little changed after a 1.4 percent increase in the past three sessions. Saudi Energy Minister Khalid Al-Falih said Thursday he expectsOPEC to reach a deal to gradually boost output, following talks with his Russian counterpart in Moscow last night. In the U.S., government data showed crudestockpiles declined by 4.14 million barrels last week, while in Libya armed clashes halted oil loadings at the country™s biggest port.

West Texas Intermediate crude for July delivery traded at $66.77 a barrel on the New York Mercantile Exchange, up 13 cents, at 10:58 a.m. London time. The contract climbed 28 cents to $66.64 on Wednesday. Total volume traded Thursday was about 24 percent below the 100-day average.

Brent futures for August settlement traded at $76.49 a barrel on the London-based ICE Futures Europe exchange, down 25 cents. The contract advanced 86 cents on Wednesday. The global benchmark crude traded at a $9.88 premium to WTI for the same month.

Source : Bloomberg

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