PT Solid Gold Berjangka | Oil Steady With Differing Views From IEA, OPEC Clouding Outlook
Minyak WTI brent oil Oil, Crude Oil
Solid Gold Berjangka | Oil steadied after a short-lived relief rally as the market digested differing views on the supply and demand outlooks, while an industry report pointed to an expansion in US stockpiles.
West Texas Intermediate traded near $78 a barrel, while global benchmark Brent was above $82. The International Energy Agency said global oil markets won’t be as tight as expected this quarter, with production growth in the US and Brazil beating forecasts. That came after an assessment from OPEC that highlighted robust growth trends and healthy fundamentals.
Oil fell sharply since mid-October as the Israel-Hamas war risk premium evaporated and doubts set in about the demand outlook, before rising in the three days through Monday. It’s lacked direction since then, with longer-term worries over the health of the global economy balanced by shorter-term indicators that still show the market is in deficit.
The industry-funded American Petroleum Institute reported US crude inventories rose by 1.3 million barrels this week, while stockpiles at the hub in Cushing, Oklahoma increased by 1.1 million barrels, according to people familiar with the data. Figures from AlphaBBL also signaled expansion. Two weeks of official data is due later Wednesday.
WTI for January delivery fell 0.2% to $78.13 a barrel at 7:58 a.m. in Singapore.
Brent for December settlement closed 0.1% lower at $82.47 a barrel on Tuesday.
Source : Bloomberg,PT SGB, Solid Group, Solid Gold Berjangka