PT Solid Gold Berjangka | Oil Holds Two-Day Loss as Technicals Vie With Stockpiles, Libya
OIL SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Oil steadied after a two-day drop, as technical barriers stymied gains from a decline in US stockpiles and disruptions to Libyan production.
West Texas Intermediate traded near $74 a barrel, while Brent crude closed around $79. Futures have lost almost 4% over the last two sessions after failing to breach the 200-day moving average. They have shrugged off a drop in US inventories to the lowest since January, and a more than halving of Libya’s oil output.
Crude is still modestly higher for the year as expectations of lower interest rates in the US and OPEC+ supply discipline counter a lackluster Chinese demand outlook. The specter of the cartel boosting supply from October is hanging over the market, although traders are split on whether the planned increases will go ahead.
WTI for October delivery was little changed at $74.49 a barrel at 7:37 a.m. in Singapore.
Brent for October settlement closed 1.1% lower at $78.65 a barrel.
Source : Bloomberg