PT Solid Gold Berjangka | Oil Sinks Into Bear Market as Robust Supply Pressures OPEC+

01:04 17 November in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak WTI brent oil Oil, Crude Oil

Solid Gold Berjangka | The information you provided indicates that oil is experiencing its fourth consecutive weekly loss, entering a bear market. This is due to factors such as healthy supplies, rising stockpiles, and concerns about the global market not being as tight as expected, according to the International Energy Agency. Despite efforts by OPEC+ leaders, including Saudi Arabia and Russia, to curb declines through voluntary supply cuts, the market has seen a significant drop, with West Texas Intermediate (WTI) trading near $73 a barrel and Brent experiencing a 4.6% decline to settle at $77.42 a barrel for January delivery.

The four-week losing streak for crude is the longest since May, and attention is now focused on the upcoming OPEC+ meeting on November 26, where supply policies will be discussed. It’s important to note that oil prices and market conditions can be influenced by various factors, and the situation may evolve.

Solid Group, Solid Gold Berjangka, PT SGB