Solid Gold Berjangka | Oil Extends Gains as Attacks Threaten Russia’s Black Sea Exports

01:52 07 August in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Oil advanced for a third session after Ukraine attacked another Russian vessel over the weekend, putting at risk significant flows of the nation’s commodities from the Black Sea such as crude and grains.

West Texas Intermediate climbed above $83 a barrel at the start of the week in Asia after rising more than 4% over the previous two days. On Saturday, a sea drone hit a Russian-flagged oil tanker that supplies fuel to Moscow’s forces in Syria. That followed an attack on a naval vessel on Friday.

Oil capped a sixth weekly gain last week, the longest rising streak since June 2022. Futures have erased year-to-date losses following supply cuts from Saudi Arabia and Russia, leading to a tightening of the market. On Saturday, the kingdom raised nearly all of its prices for September to Asia and Europe.

WTI for September delivery rose 0.4% to $83.18 a barrel at 9:01 a.m. in Singapore.

Brent for October settlement advanced 0.4% to $86.61 a barrel.

Source: Bloomberg

Minyak WTI Minyak jenis Brent

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