PT Solid Gold Berjangka | Oil Steadies as Traders Look to OPEC Report and Inflation Data
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Solid Gold Berjangka | Oil held a gain before the release of OPEC’s market outlook, with traders looking for signs on whether supply curbs will be extended, and US inflation data that will shape expectations for monetary policy.
Brent crude traded above $83 a barrel after rising by 0.7% on Monday, with West Texas Intermediate near $79. With evidence of refinery run cuts and narrowing timespreads pointing to a slightly softer market, the monthly deep dive from the cartel comes about two weeks before members meet to decide on policy.
In the US, meanwhile, producer price data later Tuesday, followed by a consumer print the following day, will yield clues on whether the Federal Reserve has the leeway to reduce interest rates later in the year, or expectations for cuts get pushed into 2025.
Crude has been on a downward trajectory since April, with the geopolitical risk premium ignited by tensions in the Middle East largely evaporating. Still, prices remain higher year-to-date as OPEC and its allies restrict flows, and the group is widely expected to extend the curbs into the second half.
Brent for July settlement rose 0.2% to $83.54 a barrel at 8:19 a.m. in Singapore. WTI for June was 0.2% higher at $79.29 a barrel.
Source: Bloomberg