15.09.201705:35:00UTC+00Minyak Menurun Ekoran Pasaran Merosot Pada Ketegangan Korea Utara Yang Meningkat

Oil prices declined on Friday as financial markets around the world retreated after North Korea's latest missile test. But crude managed to hold on to the majority of its gains and remained near the five-month peak it hit this week due to the bullish demand outlook issued and the restart of U.S. refineries in the wake of hurricanes.

On Friday morning, Pyongyang fired a missile that traveled over Japan's Hokkaido islands that landed in the Pacific Ocean, according to Japanese and South Korean officials. The latest provocation further heightened the persisting political tension following North Korea's test of its hydrogen bomb.

Brent crude futures traded down 18 cents at $55.29 per barrel, hitting an intraday low of $54.86 per barrel. But the international benchmark contract was still poised for its third consecutive weekly gain and the highest weekly increase since the end of July.

This week, OPEC projected a higher global demand for the oil the cartel produces in 2018 and noted the signs of a tighter market, indicating its agreement with other non-OPEC countries to lower output is helping to curb oversupply. The raised outlook helped support prices.

Another factor that helped the oil's rally is a report by the IEA, stating that the global glut in the oil markets was declining due to solid European and U.S. demand, as well as production drops in OPEC and other crude producing nations.