PT Solid Gold Berjangka | Oil Steadies After Tumbling Almost 4% on More Oversupply Signs

01:44 13 December in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

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

Solid Gold Berjangka | It appears that the oil market is facing challenges, with concerns about oversupply, increased production from Russia and the US, and a lack of confidence in OPEC+ members adhering to output cuts. The recent drop in oil prices is also influenced by factors such as expectations of slowing Chinese consumption growth and the possibility of a US recession.

The forecast for US crude oil production in 2024, as mentioned by the Energy Information Administration, indicates a slight decrease compared to the November projection. However, despite a decline in nationwide crude stockpiles, the increase in stockpiles at the Cushing hub adds to the bearish sentiment.

Market watchers are eagerly awaiting reports from key entities, such as OPEC’s monthly market report, the Federal Reserve’s rate decision, and the International Energy Agency’s regular report, which could provide further insights into the future direction of the oil market.

As of the latest update in your provided information, West Texas Intermediate (WTI) for January delivery has risen slightly to $68.78 a barrel, while Brent for February settlement closed down at $73.24 on Tuesday.

It’s important to note that oil prices can be influenced by various geopolitical, economic, and market-specific factors, and the situation is subject to change based on new developments.