PT Solid Gold Berjangka | Oil Holds Gain as US and UK Launch Fresh Strikes Against Houthis
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Solid Gold Berjangka | It seems that the oil market is currently influenced by a combination of geopolitical tensions and concerns about global oil supplies.
Key points from the provided information:
- Fresh Strikes in Yemen: The US and UK conducted a new round of strikes against Iran-backed Houthi rebels in Yemen. This has heightened tensions in the Middle East and contributed to the rise in oil prices.
- Oil Prices: US benchmark West Texas Intermediate (WTI) traded near $75 a barrel, while Brent was just above $80. WTI had rallied more than 2% on the previous day.
- Reasons for Oil Price Movement:
- Geopolitical Tensions: Besides the Yemen strikes, reports of Ukrainian drone attacks against oil facilities on Russia’s Baltic coast added to the geopolitical concerns.
- Abundant Output: Despite geopolitical tensions, there are indications of abundant oil output. The International Energy Agency (IEA) has forecasted ample supplies.
- Libya’s Restart: Libya restarted flows from its largest oil field after a three-week disruption, contributing to the perception of sufficient supply.
- US Processor Recovery: US processors are recovering from a freeze that had previously impacted operations.
- Market Response: The oil market seems to be struggling to find a clear direction this year, given the mixed signals from geopolitical events and supply-related factors.
- Current Oil Prices: WTI for March delivery was 0.2% lower at $74.60 a barrel, and Brent for March settlement ended 1.9% higher at $80.06 a barrel.
It’s important to note that oil prices are influenced by a complex interplay of geopolitical events, supply and demand dynamics, and market sentiment. Traders and investors closely monitor these factors to anticipate future movements in oil prices.