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Oil Trades Near $66 Amid Signs OPEC to Clash Over Supply Policy
Friday, 8 June 2018 19:41 WIB | COMMODITY |MinyakWTIBrent

Oil traded near $66 a barrel in New York amid signs OPEC nations may clash over production policy when they meet later this month.

Futures fell 0.6 percent on Friday and are headed for a third week of declines. The U.S. was said to ask key producers to raise output to compensate for potential supply shortfalls, and Saudi Arabia and Russia have signaled they™re ready to increase. However, Venezuela and Iran have written to fellow OPEC members urging unity against American sanctions, according to letters seen by Bloomberg News.

The OPEC meeting may end in failure due to conflicting positions of member countries, according to Sanford C. Bernstein & Co. Crude had rallied to the highest level since November 2014 in late May but has receded since then on speculation the Organization of Petroleum Exporting Countries will ease production curbs. Meanwhile, U.S. drillers continue to pump crude at a record pace.

West Texas Intermediate for July delivery was at $65.59 a barrel on the New York Mercantile Exchange, down 36 cents, at 12:46 p.m. in London. The contract is 0.2 percent lower on the week. Total volume traded was about 16 percent below the 100-day average.

Brent futures for August settlement were 86 cents, or 1.1 percent, lower at $76.46 a barrel on the London-based ICE Futures Europe exchange, after gaining $1.96 on Thursday. The global benchmark traded at a $10.92 premiumto WTI for the same month, after settling on Thursday at $11.43, the widest close since February 2015.

Source : Bloomberg

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