PT Solid Gold Berjangka | Oil Holds Gain With Stockpile Data and Iran Sanctions in Focus
Minyak Oil, PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | It looks like the oil market is holding onto gains, with Brent hovering above $88 a barrel and West Texas Intermediate (WTI) above $83, supported by several factors.
Firstly, a report from the American Petroleum Institute (API) revealed a decrease of 3.2 million barrels in US crude inventories last week, potentially signaling the first drop in five weeks if confirmed by official data. This reduction in stockpiles is likely contributing to the upward pressure on oil prices.
Additionally, there’s attention on the progress toward imposing fresh sanctions against Iran following an attack on Israel, which could further tighten global oil supply. While this development may lead to increased scrutiny for some Asian refiners, its overall impact on the market is expected to be limited.
Oil prices have been on an upward trend this year, supported by supply cuts from OPEC+ and ongoing geopolitical tensions in key oil-producing regions like the Middle East and Russia. Moreover, traders are closely monitoring developments in US monetary policy, with slower business activity growth potentially signaling expectations for lower interest rates, which tends to be bullish for oil prices.
Looking ahead, market participants are awaiting data on the Federal Reserve’s preferred inflation gauge later this week, which could provide further insights into the trajectory of US monetary policy.
Overall, Brent for June settlement rose slightly to $88.50 a barrel, while WTI for June delivery also saw a modest increase to $83.45 a barrel.