PT Solid Gold Berjangka | Oil Rises for Third Day on Improving Demand and Weaker Dollar
Minyak WTI brent oil Oil, Crude Oil PT SGB Solid Gold Berjangka Solid Group SG Berjangka
Solid Gold Berjangka | Oil rose for a third day on signs of stronger demand, and signals the Federal Reserve is getting close to its much-anticipated pivot. Brent crude rose toward $86 a barrel and West Texas Intermediate topped $83. Data this week showed improved consumption of gasoline and jet fuel in the US over the summer travel season. In addition, nationwide crude stockpiles posted another decline. Brent’s prompt spread pointed to tighter near-term conditions.
US inflation cooled broadly in June to the slowest pace since 2021, boosting bets that the Federal Reserve will start to reduce borrowing costs this quarter. That weighed on the US dollar — with a gauge of the currency set for the first back-to-back weekly drop since early May — making commodities more attractive for overseas buyers.
Oil has pushed higher this year as OPEC+ reined in production to tighten the market, offsetting supply increases from nations outside the cartel. The group predicts that worldwide crude consumption will expand by more than 2 million barrels a day this year, although the International Energy Agency has a more cautious view as China’s economy cools.
Brent for September settlement rose 0.5% to $85.79 a barrel at 8:28 a.m. in Singapore.
WTI for August delivery gained 0.6% to $83.15 a barrel.
Source : Bloomberg