Crude Oil Price in Global Market Drops Due to Profit Taking

By : Abraham Sihombing And Aldo Bella Putra | Tuesday, August 22 2017 - 21:22 IWST

5166
5166

INDUSTRY.co.id - New York - The price of crude oil in the global market in trade Monday (21/08/2017) evening time New York, the United States, or Tuesday (22/08/2017) early morning Western Indonesia time decreased. That's because the rally of crude oil price hikes at the end of last week pushed the market participants to take profit taking (profit taking).

According to Xinhua news agency in New York, West Texas Intermediate (WTI) oil price for September 2017 delivery contract fell US $ 1.14 to US $ 47.37 per barrel on the New York Mercantile Exchange (NYMX). Brent crude for October delivery was down $ 1.06 to $ 51.66 a barrel on the London ICE Futures Exchange.

According to analyst Baker Hughes, a US oil field service company, which spurred a surge in crude oil prices in the global market, last week, was a decline in oil exploration and exploitation activities in the offshore area of ​​the United States. This is evident from the reduced operation of five rig units off the American coast, so the total rigs that operate in the week ending August 18, 2017 are 763 rigs.

According to a report published by the Energy Information Board last week, US crude inventories fell by 8.95 million barrels in the week ending August 11, 2017. That is, the decline reached nearly three times the total projected market decline of 3.1 million barrels.

Analysts say the data indicates that the global oil market has started to rebalance and continues to support oil price hikes over the past week. Nevertheless, in trading earlier this week, crude oil prices were again depressed due to profit taking action. (Abraham Sihombing)

News Comment

Today's Industry

One of Apartments offered by Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program

Senin, 09 Juni 2025 - 14:22 WIB

Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program

Savyavasa, a luxury residential development by Swire Properties and JSI Group under PT Jantra Swarna Dipta, in collaboration with Permata Bank, presents a new solution for foreign nationals…

President Prabowo in Thailand

Rabu, 21 Mei 2025 - 10:09 WIB

Indonesia, Thailand Sign MoU on Health Sector, Focusing on Global Capacity, Collaboration

As a part of President Prabowo Subianto’s official visit to Thailand, both countries signed a Memorandum of Understanding (MoU) on health sector, in an effort to strengthen bilateral cooperation…

President Prabowo in Thailand

Rabu, 21 Mei 2025 - 10:06 WIB

Indonesia, Thailand Deepen Cooperation on Security, Trade, and Regional Stability

resident Prabowo Subianto has reaffirmed Indonesia’s strong commitment to deepening bilateral relations with Thailand during the meeting with Thailand’s Prime Minister Paetongtarn Shinawatra…

SD Darmono CEO Jababeka Group with Boediman Widjaja CEO JOE Green Group

Selasa, 20 Mei 2025 - 12:44 WIB

Boediman Widjaja's Technology Ready to be Adopted in Jababeka Industrial Estate (KIJA)

In an exclusive seminar entitled "A Great Step: Boediman Widjaja Story - Going from Indonesia, Thriving in Singapore" held at the President Lounge, Menara Batavia, Boediman Widjaja, Founder…

A total of 55 health professionals who participated in the Binawan Europe program, in the form of international career development scholarships in Austria. (Photo: The Public Relations of Binawan University)

Jumat, 02 Mei 2025 - 10:46 WIB

Binawan and Government Support Indonesian Nurses in Europe through Scholarships

In the midst of the viral #KaburAjaDulu hashtag as a symbol of the young generation's disappointment with domestic working conditions, Binawan responded with real action: dispatching Indonesian…