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Jakarta (Benchmark News) – The movement of the world crude oil price rebound of attenuation length on trading today (Monday, 7/2/2016), in the midst of global markets rally ahead of the US presidential election as well as Algerian optimism that OPEC production quotas will decide at the next meeting.
Based on Bloomberg data, the price of WTI oil contract December rise sharply 1.09% or 0.48 points to US $44,55 per barrel at 11.01 GMT, after opening with a rebound 0.86% or 0.38 points at position 44.45.
At the same time, the European benchmark Brent oil contract for January 2017 strengthened 0.92% or 0.42 points to as low as US $46, after opening with a rebound 0.26% or 0.12 points at 475.70 levels.
As reported by Bloomberg today, oil futures in New York rose more than 1% along with the strengthening stock indexes after u.s. federal Bureau of investigation (FBI) stated that the use of e-mail by Hillary Clinton during her tenure as Secretary of State is not a crime.
On the other hand, the Algerian Energy Minister Noureddine Boutarfa stated that there is no word to withdraw from the agreement that had been reached in September to limit production.
“There will be plenty of room for volatility around the elections, but I think the market adapts to the FBI that sentiment improve opportunity for Clinton. The market will continue to monitor the OPEC, “said Ric Spooner, the Chief market analyst CMC Markets in Sydney.
On the trade last weekend (Friday, 4/11/1999), the December contract WTI oil price closed drop 1.32% or 0.59 points to US $44,07 per barrel, while the European benchmark Brent oil contract for January 2017 also ended with a sharp weakening of 1.66% or 0.77 points to US $45,58 per barrel…(Red)
