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Oil Ends Higher on Production Risks, Even After Report of Higher Saudi Output
Tuesday, 12 June 2018 03:06 WIB | COMMODITY |MinyakWTIBrent

Oil prices settled higher Monday, getting a lift from expected supply disruptions in Iran and Venezuela, even after a report of rising crude output from Saudi Arabia ahead of a much-anticipated producer meeting later this month.

Late Friday, The Wall Street Journal reported that the most influential member of the Organization of the Petroleum Exporting Countries, Saudi Arabia, had begun to increase its output after two years of leading efforts to curtail global output, with the kingdom boosting production in recent weeks by more than 100,000 barrels a day. That has raised Saudi overall output to about 10 million barrels a day, the report indicated.

After swinging between losses and gains, U.S. benchmark July West Texas Intermediate crude  rose 36 cents, or nearly 0.6%, to settle at $66.10 a barrel on the New York Mercantile Exchange. The commodity logged a weekly loss of 0.1% based on Friday™s close for WTI, marking its third weekly fall in a row, according to FactSet data.

August Brent crude the global benchmark, settled flat at $76.46 a barrel on the ICE Futures Europe exchange, after a weekly slide of 0.4%.

Source : Market Watch

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