PT Solid Gold Berjangka | Oil Holds Decline After Industry Report Points to Stockpile Gain
Minyak Minyak WTI Minyak Mentah Minyak Brent PT SGB Solid Gold Berjangka SG Berjangka Solid Group
Solid Gold Berjangka | Oil continued to fall after industry reports showed a slight increase in U.S. crude inventories ahead of official government data.
Brent traded below barrel 85 a barrel, while West Texas Intermediate was near 8 81. The American Petroleum Institute reported that crude stockpiles rose about 900,000 barrels last week, according to people familiar with the figures. However, ownership of Cushing storage hubs declined.
The Energy Information Administration is expected to release data on inventory, refining and fuel demand late Wednesday.
Oil is on track for monthly progress and analysts are becoming more bullish on the outlook for the next quarter in a tightening market. Rising geopolitical tensions from Yemen to Russia could also underpin further price increases. Later this week, traders will look at inflation and other economic data for clues as to the course of interest rates.
The quick time spread between Brent and WTI has widened in a bullish backward structure this month, with money managers recently increasing their bets on a wide range of products including ICE gasoil, the European diesel benchmark.
Brent for the 8-month settlement was 8.16 percent lower at 84.82 barrels per barrel at 0.2 a.m. in Singapore. WTI for a month delivery was slightly changed at barrel 80.71 barrels.
Source: Bloomberg