PT Solid Gold Berjangka | Oil Steadies After US Crude Stockpiles Log Fourth Weekly Draw
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Solid Gold Berjangka | Crude oil steadied after rising for the first time in four business days as U.S. crude inventories fell again and Russia pledged additional production cuts to compensate for crude oil production above the OPEC+ quota.
Commercial crude inventories fell 3.74 million barrels, the first drop in four weeks, according to data from the Energy Information Administration.Russia, the largest crude producer among the Organization of the Petroleum Exporting Countries and its allies, said it plans to make additional cuts in October and November this year and then again in March through September 2025.
Crude oil has been on a downtrend since peaking at the beginning of the month amid concerns about a soft demand outlook in China, its largest importer; futures are still higher since the beginning of the year as OPEC+ members maintain production curbs and expectations of an imminent U.S. interest rate cut are rising.
As of 8:05 a.m. in Singapore, September Brent was down 0.3% at $81.47 a barrel, while September WTI was down 0.2% at $77.42 a barrel.
Source: Bloomberg