PT Solid Gold Berjangka | Oil’s Rally Takes Breather as Traders Turn Gaze to Stockpiles

03:44 07 September in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Oil edged lower after capping the longest winning run in more than four years as OPEC+ leaders extended supply cuts to the end of 2023.

West Texas Intermediate fell toward $87 a barrel after posting nine straight daily gains, the longest stretch of advances since January 2019. That surge, which propelled futures into overbought territory, came as Saudi Arabia and Russia pledged to prolong their export curbs through the fourth quarter.

Traders will get an official snapshot of US inventories later Thursday. Ahead of that, the industry-funded American Petroleum Institute reported that crude inventories fell by 5.5 million barrels last week, according to a person familiar with the figures. The breakdown also recorded a drop in oil holdings at the key Cushing, Oklahoma, storage hub, as well as a big decline in gasoline stockpiles.

Oil’s resurgence means that prices are now about 9% higher this year, with WTI trading near the highest level since November 2022. Improving demand prospects have also helped to buoy prices, with top traders at a conference in Singapore this week optimistic on the outlook for consumption in China.

WTI for October delivery fell 0.3% to $87.28 a barrel at 11:27 a.m. in Singapore.

Brent for November settlement shed 0.2% to $90.39 a barrel.

Source : Bloomberg

Minyak WTI brent oil Oil, Crude Oil

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