PT Solid Gold Berjangka | Oil Advances With Supply in Focus as US Stockpiles Seen Lower
Minyak WTI Minyak jenis Brent PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Traders were also awaiting a report to be released by the International Energy Agency (IEA).
Brent rose toward $83 after falling 1.2% on Tuesday as continued U.S. inflation dimmed the demand outlook. National crude inventories fell 3.1 million barrels last week, the American Petroleum Institute reported, and inventories also fell at Cushing, Oklahoma, a high-profile hub.
The Paris-based IEA outlook, due out Wednesday, follows the Organization of the Petroleum Exporting Countries’ monthly assessment that OPEC+ countries exceeded their quotas last month when they joined OPEC+’s most recent round of production cuts, according to the IEA’s analysis.
Crude oil has risen this year as OPEC+ cut production to prevent oversupply and keep global prices in check, as members grapple with the thorny question of how much oil they can pump before deciding whether to extend production cuts at their June 1 meeting.
Also on Wednesday, U.S. consumer prices will be released after the Producer Price Index, a measure of inflation in the world’s largest economy, remained high. Federal Reserve Chairman Jerome Powell said the central bank needs to be patient and wait for evidence of easing price pressures, stressing the need to keep borrowing costs higher for longer.
As of 8:24 a.m. in Singapore, July Brent rose 0.4% to $82.72 a barrel, while June WTI rose 0.5% to $78.42 a barrel.
Source Bloomberg