JAKARTA. The price of West Texas Intermediate (WTI) crude oil at the beginning of this week was at its highest point since mid-September at US$ 57.96 per barrel (for January 2020 delivery) on the New York Mercantile Exchange. Meanwhile, the price of Brent oil on ICE Futures also rose by 0.24% to as low as US$ 63.54 per barrel.
Michael McCarthy, Chief Market Strategist at CMC Markets and Stockbroking, said the price was supported by high demand, as well as trade tension between the United States (US) and China. "The key factor for the prospect of oil demand is trade negotiations," McCarthy was quoted as saying by Reuters.
Last week, Enverus, an oil and gas data provider firm, released the data that showed that oil rig count in the United States fell from 885 a year ago to 671.
"Nearly two-thirds of the rig stopped in the last 12 months because private companies stopped drilling," Enverus explained in his report. (KR/AR)