PT Solid Gold Berjangka | Oil Heads for Solid Weekly Gain as Russia to Extend Export Cuts
Oil headed for a weekly gain after Russia signaled that it would extend export curbs and US inventories dropped further.
West Texas Intermediate was steady above $83 a barrel, almost 5% higher this week. Moscow has agreed with OPEC+ partners on further cuts to exports, with details to be released next week, according to Deputy Prime Minister Alexander Novak. Traders expect a similar announcement from Saudi Arabia.
With the Organization of Petroleum Exporting Countries and its allies cutting back on shipments to rebalance the market, US crude stockpiles have been contracting. Government figures this week showed a draw of more than 10 million barrels, which cut holdings to the lowest level since December.
Oil’s surge this week helped the US benchmark to cap a third consecutive monthly gain, the longest winning run since mid-2022. Additional support for prices has come from speculation that the Federal Reserve may not need to deliver further rate hikes. In Asia, meanwhile, Beijing has taken more steps to support its faltering economy, buoying the outlook for energy consumption.
WTI for October delivery was little changed at $83.60 a barrel at 7:47 a.m. in Singapore.
Brent for November settlement closed 1.9% higher at $86.83 a barrel on Thursday.
Source : Bloomberg
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