PT Solid Gold Berjangka | Oil Holds Advance on US Gasoline Drawdown, Rate Cut Outlook
Minyak WTI Minyak jenis Brent PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Oil held near the highest level this year as strong US gasoline demand and indications that the Federal Reserve will cut interest rates this year aided sentiment.
West Texas Intermediate traded around $79 a barrel after rising by 1.3% on Wednesday, as Brent crude closed just shy of $83. US gasoline stockpiles notched a fifth decline last week, while refineries on the Gulf coast tapped crude inventories in a sign they’re getting ready to run hard ahead of the peak driving season.
Oil has ratcheted higher this year amid tensions in the Middle East, higher shipping costs from attacks in the Red Sea and OPEC+ cutbacks, although gains have been limited by strong supply from outside the cartel and disappointing growth in China. Prices got an extra boost Wednesday as Fed Chair Jerome Powell said borrowing costs would likely be cut at some point this year, pushing the dollar down to a one-month low.
WTI for April delivery fell 0.1% to $79.06 a barrel at 8:18 a.m. in Singapore.
Brent for May settlement closed 1.1% higher at $82.96 a barrel on Wednesday.
Source: Bloomberg