Oil headed for the
first weekly drop since March amid speculation OPEC will maintain its
output target at a meeting on Friday, leaving the market oversupplied.
Futures were little
changed in New York, poised for a 4 percent decline through June 5. The
Organization of Petroleum Exporting Countries will continue its battle
to retain market share, according to Maria van der Hoeven, the executive
director of the International Energy Agency. The 12-member group is
forecast to keep its daily production target of 30 million barrels
unchanged at the meeting in Vienna.
Oil recovery from a
six-year low has faltered near $60 a barrel amid signs a global glut
will persist as rising prices spur a recovery in U.S. output. Saudi
Arabia has defended its strategy of favoring market share over
supporting prices after leading a group decision in November not to
lower OPEC’s target.
West Texas
Intermediate for July delivery was unchanged at $58 a barrel in
electronic trading on the New York Mercantile Exchange at 10:17 a.m.
Sydney time. The contract fell $1.64, or 2.8 percent, on Thursday. The
volume of all futures traded was about 85 percent below the 100-day
average.
Brent for July
settlement was 9 cents higher at $62.12 a barrel on the London-based ICE
Futures Europe exchange. The contract decreased $1.77, or 2.8 percent,
to $62.03 a barrel on Thursday. It’s down 5.3 percent this week, the
most in almost three months. The European benchmark crude traded at a
premium of $4.14 to WTI.
Source : Bloomberg
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