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Oil Set for Fifth Weekly Gain as Saudi Upheaval Counters Output
Friday, 10 November 2017 07:39 WIB | COMMODITY |MinyakWTIBrent

Oil is heading for a fifth weekly gain as political upheaval in the world™s biggest crude exporter countered an expansion of U.S. output to the highest level in more than three decades.

Futures were little changed in New York, up 2.5 percent for the week. Arrests on the weekend of senior Saudi Arabian officials in an anti-corruption probe is seen as consolidating power for Crown Prince Mohammed bin Salman, who supports extending OPEC-led output cuts. While prices eased during the week, record weekly U.S. oil production and a surprise increase in crude stockpiles wasn™t enough to peg back Monday™s 3.1 percent surge.

Oil is heading for the longest run of weekly gains since October 2016 as global supplies tighten and on signs the Organization of Petroleum Exporting Countries will extend output curbs past the end of March. OPEC this week said U.S. shale production will grow considerably faster than expected over the next four years after cuts triggered a price recovery.

West Texas Intermediate for December delivery was at $57.01 a barrel on the New York Mercantile Exchange, down 16 cents, at 7:32 a.m. in Hong Kong. Total volume traded was about 85 percent below the 100-day average. Prices added 36 cents to $57.17 on Thursday.

Brent for January settlement rose 44 cents, or 0.7 percent, to $63.93 a barrel on the London-based ICE Futures Europe exchange on Thursday. Prices are up 3 percent this week, set for a fifth weekly gain. The global benchmark crude ended the session at a premium of $6.54 to January WTI.

Source : Bloomberg

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