PT Solid Gold Berjangka | Oil Set for Best Week Since October on Rising Geopolitical Risks
Minyak WTI brent oil Oil, Crude Oil PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Oil headed for the biggest weekly gain since October on sustained geopolitical tensions, lower US crude stockpiles, and prospects for additional stimulus in China.
West Texas Intermediate held above $77 a barrel after jumping 3% in the previous session to hit a two-month high in an initial breakout from its narrow range over recent weeks. Global benchmark Brent closed above $82 a barrel on Thursday.
The backdrop to crude’s advance has been elevated tensions in the Middle East, with the US and UK striking at Iran-backed Houthi rebels in Yemen in an effort to force them to halt attacks on commercial shipping. Elsewhere, strikes against refineries in Russia endangered crude flows as the war in Ukraine drags on.
Oil has gained more than 7% in January, with additional support from an unexpectedly large draw in US inventories and efforts by Chinese policymakers to shore up the economy in the world’s largest crude importer. Still, many traders remain cautious given prospects for robust supply from non-OPEC producers, as well as slower demand growth in key importers including India.
WTI for March delivery traded 0.4% lower at $77.07 a barrel at 8:01 a.m. in Singapore. For the week, prices have gained about 5%.
Brent for March settlement closed 3% higher at $82.43 a barrel on Thursday.
Source : Bloomberg