Tuesday, 17 July 2018
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U.S. oil holds ground at a more than 2-week low, but global prices rebound
Friday, 13 July 2018 02:54 WIB | ENERGY |MinyakWTIBrentOil,Crude Oil

Oil settled on a mixed note Thursday, with U.S. benchmark prices posting a slight decline but global benchmark prices rebounding from the three-week low they hit a day earlier.

A monthly report from the International Energy Agency hinted at an coming slowdown in crude demand and revealed an uptick in global supplies. Traders also looked to the resumption of Libyan oil exports and mulled the impact of the U.S.-China trade dispute on the global economy, and oil demand.

August West Texas Intermediate crude the U.S. benchmark, edged down by a nickel, or less than 0.1%, to settle at $70.33 a barrel on the New York Mercantile Exchange”the lowest since June 25. Prices also briefly hit lows under $70 a barrel for the first time in over two weeks. They dropped 5% Wednesday.

September Brent crude rose $1.05, or 1.4%, to $74.45 a barrel on the ICE Futures Europe exchange. It recouped some of Wednesday™s nearly 7% drop to $73.40 a barrel, which was the lowest settlement since June 21.

Source : Marketwatch

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