Oil posts weekly loss as supply frets wane



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Oil posts weekly loss as supply frets wane

On Friday, the 27th of September 2019, both US and UK crude had posted weekly loss following a much faster-than-anticipated recovery of Saudi Aramco output after a series of lethal attacks on two of its oil facilities, which had wiped out almost half of the oil-dependent nation’s crude output earlier this month, prompting a record intra-day surge of Brent and US crude, a figure never seen since 1988 and 2008 respectively.

Nonetheless, aside from a quicker recovery of Saudi Aramco output, oil price had also languished following renewed worries of a dwindling global crude oil demand amid a sluggish Chinese economic growth. Meanwhile, on Friday’s (September 27th) market, following a highly volatile trading session which had witnessed a new US sanction on Chinese crude oil carrier, COSCO, over alleged channelling of Iranian crude despite a US ban, US West Texas Intermediate Crude Futures’ price fell by 0.90 per cent to close the day at $55.91 per barrel after hitting a session low of $54.75 a barrel, while, UK crude shed 1.30 per cent to wrap up the day at $61.91 per barrel after toppling to a session low of $60.76 a barrel.

Besides, UK crude posted a weekly loss of 3.7 per cent, its biggest plunge since early August, and West Texas Intermediate Crude was hit with a weekly whiplash of 3.6 per cent, remarking its biggest weekly downfall since mid-July, while adding that the crude futures’ prices were closely following critical headlines, an analyst with the Price Futures Group in Chicago, Phil Flynn said on Friday’s (September 27th) market closure, “We’ve really been following headline to headline. ”