PT Solid Gold Berjangka | Oil Declines With Focus on China’s Slowdown and Supply Outlook
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Solid Gold Berjangka | OPEC+ also appears to be maintaining its policy of easing supply constraints later this year.China’s third All People’s Congress closed this week, but there was little sign that the Supreme Leader is preparing to launch any major measures to boost demand or stem the domestic real estate slump.
Meanwhile, OPEC+ delegates expect next month’s monitoring meeting to be routine, with no changes to plans to raise supply from the fourth quarter. The OPEC group, led by Saudi Arabia and Russia, agreed last month to resume production of roughly 2.2 million barrels per day in October after a suspension.
Crude oil has remained high this year, buoyed by OPEC+ supply curbs, a recent decline in U.S. stockpiles, and expectations of lower interest rates from the Federal Reserve. In the short term, traders are keeping a close eye on the wildfires in Canada, which are threatening supply and supporting prompt prices.
As of 8:22 a.m. in Singapore, September Brent was down 0.7% at $84.55 a barrel.The benchmark prompt spread (difference between the last two contract months) was $1.11 a barrel backward, up from 93 cents a week ago.The August contract for WTI was down 0.9% at $82.05 a barrel.
Source: Bloomberg