PT Solid Gold Berjangka | Oil Holds Near Four-Month High as IEA Flips Forecast to Deficit
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Solid Gold Berjangka | Oil held near a four-month high after the IEA forecast a supply deficit through 2024, changing its earlier projection of a surplus, on the premise OPEC+ maintains production cuts.
Brent edged lower to near $85 a barrel after rising 4.3% over the previous two sessions. West Texas Intermediate was close to $81. The International Energy Agency assumes that OPEC and its allies will retain their curbs for the rest of the year to “balance oil markets,” it said in a report Thursday.
The global crude benchmark is up by around 4% this week, having also been supported by a drop in US stockpiles and heightened geopolitical tensions after Ukraine attacked another Russian refinery.
Crude futures have now broken out of a narrow range they had been trading in this year, although there are still headwinds that may limit further gains. These include rising non-OPEC supply, demand concerns around China and persistent US inflation that’s pushing back expectations for when the Federal Reserve will cut interest rates.
Timespreads have narrowed this month, signaling easing concerns about tight supply. The gap between Brent’s two nearest contracts was at 68 cents a barrel in backwardation, compared with close to $1 toward the end of last month.
Brent for May settlement fell 0.5% to $85.01 a barrel at 8:23 a.m. in Singapore. WTI for April delivery was 0.4% lower at $80.94 a barrel.
Source : Bloomberg