PT Solid Gold Berjangka | Oil Steadies After June Advance With Focus on China, Geopolitics
Minyak WTI Minyak Mentah Minyak Brent PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | Crude oil prices were little changed as traders assessed the economic outlook in China and geopolitical risks in Europe and the Middle East.
Brent traded around $85 after rising nearly 6% last month, while West Texas Intermediate was below $82.
In France, the Nationalist Party led by Marine Le Pen won the first round of lower house elections, raising political risks in the region. U.S. President Joe Biden’s disastrous showing in the presidential election debate and growing calls for his resignation also added to the uncertainty.
Crude oil has remained high this year, and OPEC’s statement that its plans to revive production depend on market conditions has spurred recent gains. The spread between Brent and WTI has a retrograde high structure that suggests tightness, and money managers are the most bullish on NY crude in the past 11 weeks, but the expansion in US inventories has recently reduced some of the optimism.
As of 8:08 a.m. in Singapore, September Brent was up 0.1% at $85.11 a barrel, while August WTI was up 0.1% at $81.64.
Source: Bloomberg