Crude Oil Prices Survive at Highest Level for Nine Week
By : Abraham Sihombing And Aldo Bella Putra | Monday, August 07 2017 - 15:38 IWST
![5166](https://eagle.industry.co.id/uploads/berita/detail/456.jpg)
5166
INDUSTRY.co.id - Seoul - Crude oil prices in Asian markets stayed at a nine-week high thanks to strong US employment support last week and a drop in US oil drilling activity. Nevertheless, OPEC production increases limit price increases.
According to a Reuters report in Seoul on Monday (07/08/2017) morning, Brent crude oil prices rose 0.15% or 8 cents to RpUS $ 52.50 per barrel. Meanwhile, the price of West Texas Intermediate (WTI) crude oil rose 0.14% or 7 cents to US $ 49.65 per barrel.
The price of both types of crude rose to its highest level since late May 2017, when oil producers who are members of the Organization of the Petroleum Exporting Countries agreed to cut output by 1.8 million barrels per day (bpd) by the end of March 2018.
According to oil analyst ANZ Bank, crude oil prices shot as investors assessed strong US employment data as a positive sign for oil demand in the United States. Meanwhile, the decline in the number of oil drilling rigs operating in America also sustains price increases.
The United States Department of Labor reported Friday that there were about 209,000 new jobs in the United States in July. The data is above previous expectations. Thus, the majority of companies in the US impose a raise to their workers.
Baker Hughes, an energy services company, published data that US oil drilling firms cut an oil rig in the week ending August 4, 2017, bringing the total rig currently operating to 765 units. Although the number of American rigs dropped last week, the country's oil production reached 9.43 million bpd, the highest since August 2015.
On the other hand, according to a Thomson Reuters Oil Research report, OPEC's crude oil exports throughout July shot to a record high of 26.11 million bpd, mostly from Nigeria. OPEC's high oil production keeps officials from a joint OPEC and non-OPEC technical committee meeting in Abu Dhabi for two days till Tuesday to discuss ways to improve compliance with their supply-cut deal to the world oil market. (Abrahan Sihombing) Seoul - Crude oil prices in Asian markets stayed at a nine-week high thanks to strong US employment support last week and a drop in US oil drilling activity. Nevertheless, OPEC production increases limit price increases.
According to a Reuters report in Seoul on Monday (07/08/2017) morning, Brent crude oil prices rose 0.15% or 8 cents to RpUS $ 52.50 per barrel. Meanwhile, the price of West Texas Intermediate (WTI) crude oil rose 0.14% or 7 cents to US $ 49.65 per barrel.
The price of both types of crude rose to its highest level since late May 2017, when oil producers who are members of the Organization of the Petroleum Exporting Countries agreed to cut output by 1.8 million barrels per day (bpd) by the end of March 2018.
According to oil analyst ANZ Bank, crude oil prices shot as investors assessed strong US employment data as a positive sign for oil demand in the United States. Meanwhile, the decline in the number of oil drilling rigs operating in America also sustains price increases.
The United States Department of Labor reported Friday that there were about 209,000 new jobs in the United States in July. The data is above previous expectations. Thus, the majority of companies in the US impose a raise to their workers.
Baker Hughes, an energy services company, published data that US oil drilling firms cut an oil rig in the week ending August 4, 2017, bringing the total rig currently operating to 765 units. Although the number of American rigs dropped last week, the country's oil production reached 9.43 million bpd, the highest since August 2015.
On the other hand, according to a Thomson Reuters Oil Research report, OPEC's crude oil exports throughout July shot to a record high of 26.11 million bpd, mostly from Nigeria. OPEC's high oil production keeps officials from a joint OPEC and non-OPEC technical committee meeting in Abu Dhabi for two days till Tuesday to discuss ways to improve compliance with their supply-cut deal to the world oil market. (Abrahan Sihombing)
Read Also
The 7th Abu Dhabi Dialogue in Dubai: Commitment to Enhance Migrant…
Pertamina Hulu Rokan expounds on wetland innovations at COP28
Pertamina reaffirms its commitment to net zero emissions by 2060
President Jokowi Inaugurates Tangguh Train 3 Project in Teluk Bintuni…
MMA Offshore Automates Onboarding With Boomi
Today's Industry
![Flag of the United Nations Organization.](https://eagle.industry.co.id/uploads/berita/small/5783.jpg)
Kamis, 15 Agustus 2024 - 14:26 WIB
Modena Officially Becomes a Member of the UN Global Compact
Commited to transforming towards sustainable business practices, Modena the global home appliance established over 60 years ago in Italy, officially became a member of the UN Globe Compact (UNGC)…
![Totolink outlet. (Photo: Public Relation of Totolink)](https://eagle.industry.co.id/uploads/berita/small/5782.jpg)
Kamis, 11 Juli 2024 - 22:08 WIB
Totolink Strengthens Commitment to Innovative and Reliable Network Solutions for Indonesia
Marking a strategic step, Totolink Indonesia proudly announces the enhancement of its head office in Jakarta, located at Harco Mangga Dua Blok E No.28, Sawah Besar, Central Jakarta.
![The President Commissioner of Bersama Digital Data Centres (BDDC), Setyanto Hantoro (fourth right) and The President Director of BDDC, Angelo Syailendra (third right) during the BDDC JST1 Inauguration Ceremony in Jakarta on Wednesday (10/07/2024).](https://eagle.industry.co.id/uploads/berita/small/5781.jpg)
Kamis, 11 Juli 2024 - 19:03 WIB
BDDC Inaugurates JST1 TIER IV Data Centre in Jakarta to Strengthen Digital Infrastructure
Bersama Digital Data Centres (BDDC), an in-town data centre provider with interconnectivity and integrated digital systems, inaugurated its 5 MW Tier IV data centre facility, JST1 (Jakarta Selatan…
![The Board of Directors of PTT Global Chemical (GC) pose for a group photo after receiving the prestigious SNI (Indonesian National Standard) certification for its InnoPlus Polyethylene resin. (Photo: GC Public Relations)](https://eagle.industry.co.id/uploads/berita/small/5780.jpg)
Kamis, 27 Juni 2024 - 15:30 WIB
Global Chemical Achieves Prestigious SNI Certification for InnoPlus Polyethylene Resin
PTT Global Chemical (GC) is proud to announce its successful attainment of the prestigious SNI (Indonesian National Standard) certification for its InnoPlus Polyethylene resin.
![Financial Literacy](https://eagle.industry.co.id/uploads/berita/small/5779.png)
Rabu, 26 Juni 2024 - 22:47 WIB
The Importance of Financial Literacy
Financial literacy refers to the ability to understand and use various financial skills effectively, including personal financial management, budgeting, and investing.
News Comment