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Oil Near $57 After Roller-Coaster Day as U.S. Output Hits Record
Thursday, 9 November 2017 13:24 WIB | COMMODITY |MinyakWTIMinyak WTIMinyak jenis Brent

Oil traded near $57 a barrel after swinging wildly in the previous session as investors focused on U.S. crude production that climbed to the highest in more than three decades.

Futures were little changed in New York. Prices on Wednesday closed 0.7 percent lower after soaring 1.3 percent as multiple platforms suspended operations in the Gulf of Mexico. U.S. output 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 2.24 million barrels last week, compared with a 2.45-million drop 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 for the crown prince who has supported prolonging the production reductions.

West Texas Intermediate for December delivery was at $56.88 a barrel on the New York Mercantile Exchange, up 7 cents, at 12:43 p.m. in Hong Kong. Total volume traded was about 52 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 12 cents to $63.61 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 $6.49 to January WTI.

Source : Bloomberg

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