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PT Solid Gold Berjangka | Oil Set for First Weekly Gain Since October on Fed Relief Rally

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

Solid Gold Berjangka | The provided information is a snapshot of the oil market dynamics as of the date mentioned in the source (Bloomberg). Here’s a breakdown of the key points:

1. Market Movement: Oil prices were on track to achieve their first weekly gain in nearly two months. This positive trend followed signals from the Federal Reserve that were perceived as dovish, leading to a bullish sentiment in various markets.
2. Price Levels: West Texas Intermediate (WTI) was trading below $72 a barrel, while the global benchmark Brent approached $77. These figures represent a rise of more than 4% in the preceding two sessions.
3. Fed Influence: The Federal Reserve’s dovish signals, particularly from Fed Chair Jerome Powell, contributed to the market’s optimism. Powell mentioned a shift in focus towards considering when to cut borrowing costs as inflation continues to decrease. This led to a rise in oil prices, aided by a weaker dollar, which typically boosts the appeal of commodities priced in the currency.
4. US Demand: The week saw signs of an increase in U.S. demand, as nationwide crude inventories shrank for a second consecutive week. This reversal follows seven weeks of declining inventories that had pushed futures to their lowest levels since June just before the Federal Reserve meeting.
5. Export Surge and Demand Concerns: The market has been impacted by a surge in oil exports from non-OPEC countries, including the United States. Additionally, concerns over a weakening demand outlook are putting pressure on prices.
6. OPEC Cuts and Skepticism: There is skepticism about whether deeper voluntary cuts by OPEC will be fully adhered to, adding uncertainty to the market dynamics.
7. IEA Outlook: The International Energy Agency (IEA) reduced its estimates for global oil demand growth in the current quarter by almost 400,000 barrels a day. This adjustment is attributed to weakening economic activity in key countries. The IEA maintains the expectation that demand increases will significantly slow down in the following year.
8. Current Prices: WTI for January delivery was trading at $71.55 a barrel, while Brent for February settlement closed at $76.61 a barrel on Thursday. WTI futures were up by 0.5% for the week.

It’s important to note that oil markets are influenced by various factors, including geopolitical events, economic indicators, and global demand trends. Market conditions can change rapidly, and this information provides a snapshot at a specific point in time.