PT Solid Gold Berjangka | Oil Climbs Again With OPEC+ Meeting and Fed Signals in Focus
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Solid Gold Berjangka | Oil added to its biggest gain in a week as traders counted down to a high-stakes OPEC+ meeting on supply, and weighed signs that the Federal Reserve is done raising interest rates.
Global benchmark Brent climbed above $82 a barrel, after rallying by more than 2% on Tuesday. Prices firmed on expectations across markets that the Fed has finished with policy tightening and may start cutting borrowing costs next year, with recent dollar weakness also providing support.
The price move pulled oil out of a holding pattern ahead of an OPEC+ meeting that’s set to take place Thursday. The producer group is due to meet online and set policy for 2024, but has yet to resolve a dispute over output quotas for some African members, according to delegates.
Oil remains on track for back-to-back monthly declines on increased supply from countries outside the Organization of Petroleum Exporting Countries, boosting pressure on the cartel and its allies to impose deeper output cuts. The International Energy Agency said earlier this month that the global crude market was on course to flip back into a surplus next year.
Brent for January settlement gained 1.3% to $82.72 a barrel by 8:38 a.m. in New York.
WTI for January delivery rose 1.4% to $77.47 a barrel.
Source : Bloomberg