TEMPO.CO, Jakarta - Coal prices continue to increase until the closing session on Wednesday, May 17, 2017. On Wednesday’s trade, coal prices of the most active contract in the Rotterdam exchange for January 2018 spiked dramatically by 1.90 percent or 1.30 points to US$69.90 per metric ton.
The coal price rally for the January 2018 contract continued to the fourth day after a successful rebound by 0,45 percent on May 12. In line with the prices of coal, the global crude oil price reached its highest level in two weeks during the Wednesday’s session following declining crude oil reserve in the US over the last six weeks.
This is a positive sign for the market ahead of the OPEC to be held on May 25, in Vienna. It is expected that a number of major oil producers will extend the period of their production cuts.
WTI oil price for June 2017 ended up strengthening by 0.84 percent or 0.41 points to US$49.07 per barrel. It has been the highest since April 28, after it was opened with a decline of 0.88 percent to 48.23.
Europe’s Brent for the July 2017 contract climbed by 1.08 percent or 0.56 points to US$52.21, after it was opened with a decline of 0.87 percent or 0.45 points at 51.20.