PT Solid Gold Berjangka | Oil Extends Biggest Gain Since February Ahead of OPEC Report

01:57 11 June in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

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Solid Gold Berjangka | Oil pushed higher, after posting the biggest gain in four months on Monday, ahead of an OPEC report that will provide a snapshot on the outlook for supply and demand.

West Texas Intermediate climbed above $78 a barrel after surging 2.9% in the previous session. Brent closed near $82. The monthly OPEC report is due later Tuesday, and it will be followed by a Short-Term Energy Outlook from the US and an International Energy Agency report on Wednesday.

Oil has trended lower since early April on concerns about demand and swelling output from outside of the Organization of the Petroleum Exporting Countries. A plan by OPEC+ to start restoring supply later this year added to bearish sentiment, although the group clarified it could adjust its production plans if necessary.

Traders are also watching for the Federal Reserve’s interest rate decision due on Wednesday. A robust economy and still-high inflation in the US have caused investors to pare bets that the the central bank’s much-anticipated pivot will happen anytime soon.

WTI for July delivery rose 0.4% to $78.06 a barrel at 7:32 a.m. in Singapore.

Brent for August settlement closed 2.5% higher at $81.63 a barrel on Monday.

Source : Bloomberg