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](https://eagle.industry.co.id/uploads/berita/detail/292.jpg)
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)
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