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

NORD-DuoDrive.jpg: The innovative and patented DuoDrive geared motor reaches outstanding system efficiency Image: NORD DRIVESYSTEMS

Selasa, 17 Mei 2022 - 14:00 WIB

NORD DRIVESYSTEMS at LogiMAT in Stuttgart From 31st May to 2nd June 2022 NORD will present innovative drive solutions for intralogistics

The specialist LogiMAT exhibition in Stuttgart offers as comprehensive overview of the intralogistics and process management market. As one of the market leaders for drive technology, NORD presents…

President Jokowi attends the meeting between ASEAN leaders and American entrepreneurs at Intercontinental the Willard Hotel, Washington DC, Thursday (05/12). Photo by: Laily Rachev

Selasa, 17 Mei 2022 - 13:00 WIB

President Jokowi Invites US CEOs to Boost Cooperation with Indonesia

President Joko “Jokowi” Widodo has invited company CEOs in the United States to boost cooperation with ASEAN countries, particularly Indonesia.

President Jokowi, President Biden, and ASEAN Leaders on a group photo prior to the dinner, at the White House, Washington D.C., Thursday (05/12)

Selasa, 17 Mei 2022 - 12:28 WIB

President Jokowi, ASEAN Leaders Attend Dinner Hosted by US President

President Joko “Jokowi” Widodo Thursday (05/12) attended a dinner with the leaders of ASEAN countries hosted by President of the United States Joe Biden at the White House, Washington D.C.

(Photo: © 2022 KRAIBURG TPE)

Selasa, 17 Mei 2022 - 11:23 WIB

TPE unleashes benefits for pet accessories

The pet care market is rapidly expanding as pet ownership increases, as does spending on pet food, grooming tools, and accessories. Pet owners are significantly concerned about the prevalence…

Sergey Sedov, Founder and CEO of Robocash Group

Jumat, 13 Mei 2022 - 16:15 WIB

Robocash Group reached 2 BN USD of disbursement and issued audited financial report of 2021

Robocash Group publishes the audited combined financial statements for the year ended 31 December 2021. The Group reached an all-time high 2 BN USD of issued financing and is expected to increase…