PT Solid Gold Berjangka | Oil Holds Decline as Macro Concerns Outweigh OPEC+ Supply Cuts
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Solid Gold Berjangka | Thank you for sharing this news about the oil market. Here’s a summary based on the information you provided:
Current Oil Market Situation:
- Oil Price Decline: Oil prices have declined recently due to signs of macroeconomic weakness, especially in China, the world’s largest oil importer.
- Current Prices: Brent crude is near $83 a barrel, down 0.9% from the previous day, while West Texas Intermediate (WTI) is trading under $79.
- Market Sentiment: Overall market sentiment is subdued as investors await US jobs data and comments from Federal Reserve officials. The outlook for China’s economy is also contributing to the cautious sentiment.
- Price Movement: Brent has gained around 7% this year, partly due to tensions in the Middle East and OPEC+’s decision to limit supply. However, this optimism is balanced by high production outside the OPEC cartel, uncertain Chinese demand, and revised expectations for central bank monetary policy.
OPEC+ Output Cut Extension:
- OPEC+ Decision: OPEC and its allies have extended their production cut of roughly 2 million barrels per day through the end of June. This move was widely anticipated.
- Future Plans: The group plans to gradually increase production after June, depending on market conditions. This decision was communicated by OPEC’s Secretariat.
Chinese Economic Outlook:
- Growth Target: China is expected to set its growth target at around 5% for the year, according to a government report seen by Bloomberg News.
- Stimulus Expectations: This target has raised expectations for more stimulus measures from Chinese officials to support the slowing economy.
- Energy Intensity: China has also set a more ambitious target for reducing energy intensity, aiming to use less energy for economic expansion this year.
Current Prices (as of report time):
- Brent: Brent for May settlement slipped 0.1% to $82.70 a barrel.
- WTI: WTI for April delivery declined 0.2% to $78.57 a barrel.
Source: Bloomberg
This summary captures the recent trends in the oil market, influenced by economic conditions in China, OPEC+ decisions, and global demand expectations.