PT Solid Gold Berjangka | Oil Extends Drop on Signs of OPEC+ Output Boost and China Woes
OIL SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | While there are signs that OPEC+ is making progress on its plan to increase production starting in October, headwinds for the Chinese economy have caused oil to fall.
OPEC plans to add 180,000 barrels per day to gradually restore production, which has been suspended since 2022, delegates involved in the talks said.
Chinese data released over the weekend showed factory activity contracted for the fourth consecutive month in August, while the housing market slump worsened.
Crude oil gave up most of the gains it has made so far this year as expectations of ample supplies and headwinds to the U.S. and other economies weighed on the market. Volatility has surged in recent weeks, with crude oil futures experiencing the largest intraday volatility during August.
As of 8 a.m. in Singapore, November Brent was down 0.8% at $76.34 a barrel.
WTI October delivery was down 0.8% to $72.98 a barrel.
Source: Bloomberg