PT Solid Gold Berjangka | Oil prices rise, but still headed for another weekly loss

01:38 11 December in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak WTI Minyak jenis Brent Solid Group, SG Berjangka, Solid Gold Berjangka, PT SGB

Solid Gold Berjangka | The provided information outlines the recent movements in oil prices as of the given date. Here’s a summary:

  1. Price Movement: Oil prices, particularly West Texas Intermediate (WTI) and Brent crude, experienced a rise for the first time in seven sessions on the specified Friday.
  2. Reasons for the Increase:
    • Some analysts attribute the upward movement to verbal support from major oil-producing countries, specifically Russia and Saudi Arabia.
  3. Previous Performance:
    • Both WTI and Brent crude had been on a downward trend for six consecutive sessions leading up to this day, marking the longest losing streak for both since February.
  4. Current Prices:
    • WTI crude for January delivery increased by $1 (1.4%) to $70.34 per barrel.
    • Brent crude for February delivery rose by $1.14 (2.6%) to $75.93 per barrel.
  5. Gasoline and Heating Oil Prices:
    • January gasoline rose by 2.3% to $2.046 per gallon.
    • January heating oil gained 2% to $2.59 per gallon.
  6. Natural Gas Prices:
    • Natural gas for January delivery rose by 0.2% to $2.59 per million British thermal units.
  7. Market Drivers:
    • The oil market has been under pressure since the OPEC+ meeting on November 30, where additional voluntary cuts for the first quarter of 2024 were announced. However, there are concerns about the adherence of all countries to these cuts.
  8. OPEC+ Decisions:
    • OPEC+ producers agreed to voluntary cuts of around 2.2 million barrels per day (mbd) in the first quarter of the following year. This includes an extension of Saudi Arabia’s 1 mbd voluntary output cut and Russia’s 300,000 barrel per day cut to crude exports.
  9. Overall Market Trend:
    • Despite the day’s increase, oil prices were still on track for a seventh straight weekly loss.

This information provides a snapshot of the factors influencing oil prices at the time, including market dynamics, OPEC+ decisions, and geopolitical factors involving major oil-producing countries.