PT Solid Gold Berjangka | Oil Holds Gain as US and UK Launch Fresh Strikes Against Houthis

02:02 23 January in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak WTI brent oil Oil, Crude Oil PT SGB Solid Group SG Berjangka Solid Gold Berjangka

Solid Gold Berjangka | It seems that the oil market is currently influenced by a combination of geopolitical tensions and concerns about global oil supplies.

Key points from the provided information:

  1. Fresh Strikes in Yemen: The US and UK conducted a new round of strikes against Iran-backed Houthi rebels in Yemen. This has heightened tensions in the Middle East and contributed to the rise in oil prices.
  2. Oil Prices: US benchmark West Texas Intermediate (WTI) traded near $75 a barrel, while Brent was just above $80. WTI had rallied more than 2% on the previous day.
  3. Reasons for Oil Price Movement:
    • Geopolitical Tensions: Besides the Yemen strikes, reports of Ukrainian drone attacks against oil facilities on Russia’s Baltic coast added to the geopolitical concerns.
    • Abundant Output: Despite geopolitical tensions, there are indications of abundant oil output. The International Energy Agency (IEA) has forecasted ample supplies.
    • Libya’s Restart: Libya restarted flows from its largest oil field after a three-week disruption, contributing to the perception of sufficient supply.
    • US Processor Recovery: US processors are recovering from a freeze that had previously impacted operations.
  4. Market Response: The oil market seems to be struggling to find a clear direction this year, given the mixed signals from geopolitical events and supply-related factors.
  5. Current Oil Prices: WTI for March delivery was 0.2% lower at $74.60 a barrel, and Brent for March settlement ended 1.9% higher at $80.06 a barrel.

It’s important to note that oil prices are influenced by a complex interplay of geopolitical events, supply and demand dynamics, and market sentiment. Traders and investors closely monitor these factors to anticipate future movements in oil prices.