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Oil Extends Gain Near $70 as Saudis Vow Not to Oversupply Market
Friday, 20 July 2018 14:29 WIB | ENERGY |MinyakWTIBrentOil,

Oil extended gains near $70 a barrel after Saudi Arabia signaled it won't export oil beyond its customers' needs, dispelling fears that it may flood the market.

Futures in New York rose 0.9 percent after gaining 2.1 percent in the previous three sessions. OPEC's de facto leader Saudi Arabia, which has been under pressure from U.S. President Donald Trump to pump more and ease prices, said exports this month will be œroughly equal to June, and they will drop by 100,000 barrels a day in August.

West Texas Intermediate crude for August delivery, which expires Friday, climbed as much as 1 percent to $70.12 a barrel on the New York Mercantile Exchange and traded at $70.06 at 4:03 p.m. in Seoul. Prices are down 1.3 percent this week, heading for a third weekly decline. Total volume traded was about 32 percent below the 100-day average. The more-active September contract rose 0.4 percent to $68.53.

Brent for September settlement added 31 cents to $72.89 on the London-based ICE Futures Europe exchange. Prices on Thursday dropped 32 cents to $72.58. The contract is down 3.2 percent this week. The global benchmark traded at a $4.37 premium to WTI for the same month.

Source: Bloomberg

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