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Oil Holds Losses Near $57 as U.S. Crude Output Climbs to Record
Thursday, 9 November 2017 09:51 WIB | COMMODITY |MinyakWTIBrent

Oil held losses near $57 a barrel as U.S. crude output climbed to the highest in more than three decades and as stockpiles unexpectedly rose.

Futures were little changed in New York after falling 0.7 percent Wednesday. Production expanded for a third week to 9.62 million barrels a day, the highest in weekly Energy Information Administration data going back to 1983. Crude inventories rose by 2.24 million barrels last week, compared with a 2.45-million barrel decline forecast in a Bloomberg survey.

Oil has advanced about 20 percent since the start of September on signs the Organization of Petroleum Exporting Countries and its allies will extend output cuts past March. An anti-corruption probe in Saudi Arabia, the world™s top exporter, has added to price gains as arrests were seen as consolidating power in the crown prince who has supported prolonging the production reductions.

West Texas Intermediate for December delivery was at $56.89 a barrel on the New York Mercantile Exchange, up 8 cents, at 9:17 a.m. in Hong Kong. Total volume traded was about 76 percent below the 100-day average. Prices lost 39 cents to $56.81 on Wednesday, falling for a second session.

Brent for January settlement gained 9 cents to $63.58 a barrel on the London-based ICE Futures Europe exchange, after falling in the past two sessions. The global benchmark crude was at a premium of $6.45 to January WTI.

Source : Bloomberg

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