PT Solid Gold Berjangka | Oil Near Two-Month High on Hurricane Risks, US Stockpile Drop
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Solid Gold Berjangka | Oil traded for nearly two months as Hurricane Beryl suggested it could worsen the storm season and shrinking U.S. crude stockpiles suggested improved demand.Brent crude traded above barrel 87 a barrel and West Texas Intermediate was about 8.84, with both benchmarks heading for a fourth-week advance. While the risk of Hurricane Beryl for production in the Gulf of Mexico is dwindling, its early appearance underscored concerns about the “supercharging” season. Meanwhile, the largest decline in U.S. stockpiles in nearly 1 year showed a tightening of supply.
Crude oil has been rising slowly and steadily since the beginning of the month due to a positive outlook for Northern hemisphere summer demand, with bullish and backward time spreads indicating short-term consumption sanity. Signs of soft demand in Asia have eased that optimism and led Saudi Aramco to cut the price of its crude oil in the region for two months.
Traders are looking at data on U.S. jobs later Friday, which could signal the outlook for monetary policy. It will also affect the dollar, which has weakened this week to make the commodity cheaper priced in the currency for international investors.
Geopolitical risks are also prominent, including concerns about elections in France and U.S. President Joe Biden’s performance in a debate with Donald Trump. The situation in the Middle East also remains unstable, with signs of progress in truce negotiations between Hamas and Israel, but the conflict with Iran-backed Hezbollah is worsening.
Brent rose 0.1 percent toー87.53 a barrel at 8:35 a.m. in Singapore. WTI for January delivery gained 0.2% from Wednesday’s close to 84.04 barrels.
Source: Bloomberg