Oil Prices Rise as OPEC+ Holds Firm on Supply Cuts

Jumat, 19 Juni 2020 | 12:21 WIB
Oil Prices Rise as OPEC+ Holds Firm on Supply Cuts
[ILUSTRASI. A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration]
Reporter: Sumber: Reuters | Editor: Narita Indrastiti

KONTAN.CO.ID - MELBOURNE/TOKYO (Reuters). Oil prices rose around 1% on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major oil traders said demand was recovering well.

Brent crude LCOc1 futures rose 35 cents, or 0.8%, to $41.86 a barrel by 0446 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed 38 cents, or 1%, to $39.22 a barrel. Both contracts rose around 2% on Thursday and are heading for weekly gains of 8%.

Plans by Iraq and Kazakhstan to make up for overproduction in May on their supply cut commitments supported the market. The promises came out of a meeting by a panel monitoring compliance by the Organization of Petroleum Exporting Countries and its allies, a grouping called OPEC+.

Baca Juga: Asian Stocks Set to Rise after Mixed Wall Street Session

If the laggard producers do compensate over the next three months for their overproduction, that will effectively take extra barrels out of the market, even if OPEC+ does not extend its record 9.7 million barrels per day supply cut beyond July.

Near-term optimism around those make-up supply cuts easing pressure on storage helped tip Brent into ‘backwardation’ on Thursday for the first time since early March, with the August contract rising to 9 cents above September LCOc1-LCOc2 on Friday.

Backwardation occurs when near-term contracts are trading at higher prices than outer months, due to abnormal circumstances. Normally oil futures trade in ‘contango’, with the outer months at higher prices, reflecting the cost of holding oil.

Baca Juga: Indonesia makes year's 3rd rate cut, signals more easing to fight pandemic

Fears about dwindling storage capacity had sent the market into steep contango, as wide as $5, as coronavirus lockdowns hit demand and Saudi Arabia and Russia glutted the market with crude in April.

“The supply cuts that they’ve (OPEC+) implemented and with other members like Iraq proposing to make up for the lack of adherence to the agreement in May and June does tighten up the market in the shorter term,” said ANZ senior commodity strategist Daniel Hynes.

“But it’s not a strong signal of a wholesale shift in the medium term outlook in the market.”

Comments from global oil traders Vitol and Trafigura on a rebound in oil demand in June, reported by Bloomberg, also buoyed the market, ANZ said.

Traders shrugged off another build in U.S. crude inventories to a new record. Crude stocks USOILC=ECI rose by 1.2 million barrels last week to 539.3 million barrels, compared with expectations from a Reuters poll for a decline of 152,000 barrels.

Bagikan

Berita Terbaru

Profit 28,57% Setahun, Harga Emas Antam Hari Ini Teriris Tipis (3 Juli 2025)
| Kamis, 03 Juli 2025 | 09:35 WIB

Profit 28,57% Setahun, Harga Emas Antam Hari Ini Teriris Tipis (3 Juli 2025)

Harga emas Antam hari ini (3 Juli 2025) Rp 1.911.000 per gram. Di atas kertas pembeli setahun lalu bisa untung 28,57% jika menjual hari ini.

ExxonMobil Berkomitmen Investasi US$ 10 Miliar
| Kamis, 03 Juli 2025 | 09:11 WIB

ExxonMobil Berkomitmen Investasi US$ 10 Miliar

Invesatsi ExxonMobil senilai US$ 10 miliar ini nantinya akan difokuskan pada rencana pembangunan kompleks petrokimia terintegrasi

Ricky Gantikan Doni Primanto di BI
| Kamis, 03 Juli 2025 | 08:57 WIB

Ricky Gantikan Doni Primanto di BI

Terpilihnya Ricky untuk mengisi jabatan Deputi Gubernur BI pasca dilakukannya musyawarah bersama seluruh anggota Komisi XI DPR

Dua Anak Usaha Medco Energi (MEDC) Raih Pinjaman Rp 8,1 Triliun
| Kamis, 03 Juli 2025 | 08:44 WIB

Dua Anak Usaha Medco Energi (MEDC) Raih Pinjaman Rp 8,1 Triliun

Nilai pinjaman yang akan diterima dua anak usaha PT Medco Energi Internasional Tbk (MEDC) maksimal US$ 500 juta atau setara Rp 8,1 triliun. ​

Duh, Shortfall Penerimaan Terjadi di Semua Jenis Pajak
| Kamis, 03 Juli 2025 | 08:34 WIB

Duh, Shortfall Penerimaan Terjadi di Semua Jenis Pajak

Kementerian Keuangan (Kemkeu) memperkirakan shortfall penerimaan pajak pada tahun ini Rp 112,4 triliun

Menadah Dividen Saham-Saham Lapis Dua
| Kamis, 03 Juli 2025 | 08:27 WIB

Menadah Dividen Saham-Saham Lapis Dua

Beberapa emiten ini menawarkan dividen dengan imbal hasil atau yield di atas 5%. Namun, investor sebaiknya tetap memperhitungkan likuiditasnya.

Ramai Hajatan IPO Pekan Depan, Ada Afiliasi Prajogo, Hermanto Tanoko Hingga Kripto
| Kamis, 03 Juli 2025 | 08:08 WIB

Ramai Hajatan IPO Pekan Depan, Ada Afiliasi Prajogo, Hermanto Tanoko Hingga Kripto

Investor berhati-hati terhadap saham-saham IPO. Sudah menjadi fenomena tersendiri, saham IPO rawan spekulasi.

Investor Asing Terus Net Sell Jumbo, IHSG Berpotensi Melemah Hari Ini, Kamis (3/7)
| Kamis, 03 Juli 2025 | 07:59 WIB

Investor Asing Terus Net Sell Jumbo, IHSG Berpotensi Melemah Hari Ini, Kamis (3/7)

Ketidakpastian pasar yang masih tinggi bagi investor asing. Terlihat dari adanya capital outflow yang terjadi di seluruh perdagangan.

Menadah Dividen Saham Lapis Dua, Perhatikan Juga Faktor Likuiditas
| Kamis, 03 Juli 2025 | 07:49 WIB

Menadah Dividen Saham Lapis Dua, Perhatikan Juga Faktor Likuiditas

Fundamental perusahaan juga sangat layak untuk diperhatikan, agar ketika harganya mengalami penurunan ketika ex-date.

Deretan Saham Top Laggard di Semester I dan Prospeknya di Semester II
| Kamis, 03 Juli 2025 | 07:47 WIB

Deretan Saham Top Laggard di Semester I dan Prospeknya di Semester II

Saham-saham blue chip dan grup konglomerasi besar, terkoreksi cukup dalam dan bahkan menjadi top laggard pada semester I-2025 silam.

INDEKS BERITA

Terpopuler