PT Solid Gold Berjangka | Oil Steady Near $90 as Tightness Offset by Macroeconomic Concern

02:27 26 September in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

Oil’s march toward $100 a barrel remained on pause as a rapidly tightening market was balanced concerns that central banks will keep interest rates higher for longer.

West Texas Intermediate was steady near $90 a barrel after slipping 0.4% on Monday. Macroeconomic headwinds — including the risk of elevated interest rates that have helped push the dollar to its strongest this year — are tempering signs of supply scarcity including hefty premiums for some physical crude cargoes and prompt timespreads near the widest in a year.

Oil has surged 27% since end-June on the back of supply curbs from OPEC+ leaders Saudi Arabia and Russia, and is set for its biggest quarterly gain since early 2022. That’s rekindled talk of $100-a-barrel crude but the rally has lost momentum over the past week amid concerns about the macro backdrop.

WTI for November delivery rose 0.1% to $89.76 a barrel at 7:55 a.m. in Singapore.

Brent for November closed up 2 cents at $93.29 on Monday.

Source : Bloomberg

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