PT Solid Gold Berjangka | Oil Edges Up After Technical Drop as US Stockpiles Seen Falling
OIL SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Crude oil rose in Asia after falling more than 2% on Tuesday as industry reports pointed to a further decline in U.S. crude inventories.
Brent rose toward $80 a barrel, while West Texas Intermediate traded above $75. The American Petroleum Institute, an industry group, forecast a 3.4 million barrel decline in U.S. inventories last week.
The latest decline came after futures rose to near their 200-day moving average. Political risks in the Middle East and threats to supplies from Libya supported recent gains, but have been offset by a broadly bearish tone. Top Wall Street banks, including Goldman Sachs Group and Morgan Stanley, have cut their price forecasts for next year.
The two banks were pessimistic, saying that China’s economic slowdown and shift to electric vehicles will hurt fuel consumption in the country, the largest importer of crude oil. In Europe, diesel demand is expected to fall below pandemic-era levels due to sluggish manufacturing and structural changes in the region’s vehicle fleet.
As of 8:19 a.m. in Singapore, October Brent was up 0.5% at $79.95 a barrel.
October WTI rose 0.5% to $75.89 a barrel.
Source: Bloomberg