West Texas
Intermediate headed for its sixth weekly drop, the longest run of
declines in almost a year, as OPEC cut forecasts for the amount of crude
it will need to supply amid the U.S. shale boom.
Futures were little
changed in New York, poised for a 3.3 percent decrease for the week. The
Organization of Petroleum Exporting Countries lowered every forecast
for its crude through 2035 except next year, according to the groups
annual World Oil Outlook. Libya will soon resume pumping crude at its
biggest field after an attack halted output, an official said.
WTI for December
delivery was at $77.85 a barrel in electronic trading on the New York
Mercantile Exchange, down 6 cents, at 10:52 a.m. Sydney time. The
contract slid 1 percent to $77.91 yesterday. The volume of all futures
traded was about 74 percent below the 100-day average. Prices have
decreased 21 percent this year.
Brent for December
settlement dropped 9 cents to $82.86 a barrel on the London-based ICE
Futures Europe exchange yesterday. The European benchmark crude ended
the session at a premium of $4.95 to WTI.
Source : Bloomberg
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