PT Solid Gold Berjangka | Oil Steadies Near Seven-Week Low With Demand Concerns Mounting
Minyak Oil, PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Crude oil held steady near seven-week lows, especially as the demand outlook for China, the largest importer, was unstable.Banks such as Citigroup have revised down their growth forecasts for China, Asia’s largest economy.
Crude oil has continued to rise modestly since the beginning of the year, supported by OPEC+ supply cuts and expectations of lower U.S. borrowing costs. The Federal Reserve’s interest rate decision is scheduled for Wednesday, and OPEC+ will hold its monitoring meeting one day later. The market is divided on whether OPEC+ will take steps to increase production scheduled for next quarter.
Technical indicators indicate that the recent selloff was too early, with both Brent and WTI oversold on the 9-day Relative Strength Index. Traders will be watching for an industry report on U.S. inventories to be released late Tuesday to see if inventories will start to decline for the first time in four weeks.
Also, Venezuela’s opposition party said it had evidence of vote fraud and announced that opposition candidate Edmundo González, not incumbent Nicolás Maduro, won Sunday’s election.
In the Middle East, the United States and other countries around the world tried to prevent the conflict between Israel and Hezbollah from escalating into a full-scale war following a rocket attack that killed 12 young men in the Israeli-occupied Golan Heights.
As of 8:30 a.m. in Singapore, Brent for September settlement was down 0.2% at $79.62 a barrel.September WTI was down 0.2% to $75.63 a barrel.
Source: Bloomberg