PT Solid Gold Berjangka | Oil Heads for Third Weekly Loss as China Weakness Sets the Tone
Minyak WTI Minyak Mentah Minyak Brent PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Weak demand in China weighed on the market, which was supported by declining U.S. inventories.
Brent crude traded above $82 a barrel after two more days of gains, but failed to surpass its decline earlier in the week. West Texas Intermediate was near $78. In the U.S., the world’s largest purchaser of crude oil, slowing economic growth and increased use of electric vehicles have weighed on demand expectations.
Crude oil is still modestly higher since the beginning of the year, supported by OPEC+ supply cuts, recent declines in U.S. inventories, and expectations of lower U.S. interest rates. However, market participants are divided over whether OPEC+ will ease supply curbs next quarter at its online monitoring meeting scheduled for August 1.
The recent softness is also evident in several key indicators, including options. The Brent crude put skew has reached its weakest level since early June, with calls that benefit from higher prices being discounted against opposite puts.
As of 8:26 a.m. in Singapore, September Brent was up 0.1% at $82.41 a barrel, while September WTI was up 0.1% at $78.32 a barrel.
Source: Bloomberg