PT Solid Gold Berjangka | Oil Heads for Weekly Fall on Demand Worries, Dollar Strength

01:17 25 August in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Oil prices fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant.

Brent crude fell 16 cents, or 0.2%, to $83.20 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude fell 18 cents, or 0.2%, to $78.91 a barrel.

Crude prices are set to fall between 2%-3% for the week, a second consecutive week of decline.

Oil settled modestly higher in the previous session after Dutch consultancy Insights Global posted data showing gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub declined by 3% in the latest week.

Investor caution ahead of remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium lifted the safe-haven dollar to a 10-week high, its biggest rise in a month, as markets waited for word on how long rates would stay high. A strong dollar makes oil more expensive for holders of other currencies, denting demand.

Source : Reuters

Minyak Oil,

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