PT Solid Gold Berjangka | Oil Extends Gains to Near One-Month High as US Stockpiles Shrink
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Solid Gold Berjangka | Oil advanced to trade near a one-month high after US crude inventories dropped by far more than expected and China announced plans for more stimulus.
West Texas Intermediate climbed above $75 a barrel after hitting the highest since Dec. 26 in intraday trade on Wednesday, while Brent closed near $80. US inventories fell by more than 9 million barrels last week, six times more than forecast, to hit the lowest level since October.
In China, the government said it will cut the reserve-requirement ratio for banks within two weeks and hinted that more support measures could follow, aiding the outlook for energy consumption in the largest crude importer.
Oil has struggled to break out of a narrow range this month, with geopolitical tensions in the Red Sea that have roiled global trade offset by concerns that crude supply growth will remain robust from non-OPEC producers. In a reminder of the elevated risks in the Middle East, the US navy intercepted attacks on two container ships fired by Iran-backed Houthi rebels in Yemen.
WTI for March delivery rose 0.5% to $75.43 a barrel at 8:03 a.m. in Singapore.
Brent for March settlement climbed 0.6% to $80.04 a barrel on Wednesday.
Source : Bloomberg