PT Solid Gold Berjangka | Oil Extends Relief Rally on Positive Fuel Consumption Signals

01:04 14 November in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak WTI brent oil Oil, Crude Oil

Solid Gold Berjangka | Oil rose for a fourth day, the longest run of gains in more than two months, on signs the demand outlook may not be as bad as previously feared.

West Texas Intermediate traded near $78 a barrel, and is up more than 4% since last Wednesday’s close. Global benchmark Brent was close to $83. Demand is robust, and “overblown negative sentiment” has been dominating the market, OPEC said in a monthly report on Monday. The American Automobile Association said the US Thanksgiving travel period will be the busiest since 2019.

There are still plenty of bearish indicators, however, and, despite OPEC’s optimism, Saudi Arabia is keeping its output at the lowest level in years. Supply also looks healthy as flows from the Middle East remain unaffected by the Israel-Hamas war, and shipments from Russia and the US increase. WTI is down around 17% from this year’s peak in late September.

The International Energy Agency’s monthly report due Tuesday will be closely watched for more clarity on the outlook, while the US will release two weeks of inventories data on Wednesday.

WTI for December delivery rose 0.3% to $78.49 a barrel at 8:04 a.m. in Singapore.

Brent for January settlement closed 1.3% higher at $82.52 a barrel on Monday.

Source : Bloomberg,PT SGB, Solid Group, Solid Gold Berjangka