PT Solid Gold Berjangka | Oil Prices Post Losses for The Month and Quarter on Bets for a Supply Surplus
OIL SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Oil futures ended Monday with losses for the session, month and quarter, pressured by expectations that major oil producers will boost production in December — leading to a surplus of supplies as the outlook for demand remains uncertain.
Risks to global crude supplies in the oil-rich Middle East after a strike by Israel on Beirut that killed the leader of Iran-backed Hezbollah, however, helped to limit oil’s price decline in Monday’s trading session.
West Texas Intermediate crude for November delivery fell a penny to settle at $68.17 a barrel on the New York Mercantile Exchange. Front-month prices ended 7.3% lower for the month and lost 16.4% for the quarter, according to Dow Jones Market Data.
November Brent crude, the global benchmark, fell 21 cents, or 0.3%, at $71.77 a barrel on ICE Futures Europe on the contract’s expiration day. Prices ended 8.9% lower for the month and lost 16.9% for the quarter. The more actively traded December contract added 16 cents, or 0.2%, on Monday to $71.70 a barrel.
Crude prices fell last week, with pressure tied in part to a Financial Times report, citing people familiar with Saudi officials’ thinking, that said the kingdom was ready to throw in the towel on voluntary production cuts in December in a bid to reclaim market share.
However, the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, had already said in early September that they would start to gradually reinstate voluntary production cuts of 2.2 million barrels starting in December.
Source : MarketWatch