PT Solid Gold Berjangka | Oil Steadies After Decline as Focus Pivots to US Stockpile Data
Minyak WTI Minyak Mentah Minyak Brent PT SGB Solid Gold Berjangka Solid Group SG Berjangka
Solid Gold Berjangka | Crude oil prices held steady near six-week lows as traders awaited new cues on market balance, including the outlook for U.S. stockpiles.Global benchmark Brent held above $82 after falling more than 3% in the previous two sessions as investors assessed the impact of selling by algorithmic traders and Joe Biden’s decision not to seek re-election as president.
The American Petroleum Institute, an industry group, is scheduled to release its forecast for weekly changes in U.S. oil inventories later Tuesday, with a government breakdown to follow the next day. U.S. crude inventories have fallen for the past three weeks to their lowest level since February.
Crude oil has remained high since the beginning of the year, supported by OPEC+ supply cuts and perhaps expectations of lower U.S. interest rates after September. Still, concerns about the outlook for commercial oil demand in China, where economic growth is slowing, persist.
As of 8:29 a.m. in Singapore, Brent for October settlement was down 0.2% at $82.27 a barrel, while WTI September delivery was down 0.2% at $78.26 a barrel.
Source: Bloomberg