PT Solid Gold Berjangka | Oil Gains on Signs of Tighter Market as US Stockpiles Seen Lower

01:47 30 August in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Oil advanced for a fifth day on signs of another substantial draw in US inventories and a buoyant mood across wider markets.

West Texas Intermediate rose above $81 a barrel, on course for the longest winning streak since March. US stockpiles tumbled by 11.5 million barrels, according to the industry-funded American Petroleum Institute. If confirmed by official data later Wednesday, that would be the sixth drop in seven weeks.

Broader markets were also stronger as China may unveil fresh stimulus, and investors speculated that the US Federal Reserve may be done raising interest rates. That’s helping to outweigh signs of higher crude supply from Russia, after seaborne flows from the OPEC+ producer hit an eight-week high.

Oil’s latest string of daily gains means prices in New York are now trading slightly above where they began the year. Crude has been supported by lower output from Saudi Arabia, with Riyadh implementing a major voluntary supply reduction in a bid to rebalance the global market.

WTI for October delivery rose 0.3% to $81.36 a barrel at 7:48 a.m. in Singapore.

Brent for October settlement closed 1.3% higher at $85.49 a barrel on Tuesday.

Source : Bloomberg

Minyak WTI Brent

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