PT Solid Gold Berjangka | Oil Steady Near Highest Close This Year on Middle East Tensions
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Solid Gold Berjangka | The provided information highlights the current situation in the oil market, particularly with respect to West Texas Intermediate (WTI) crude oil. Here are the key points:
- Tensions in the Middle East: Oil prices closed at a three-week high due to escalating tensions in the Middle East. The conflict involves the US and Iranian-backed Houthi militants, who are engaged in tit-for-tat strikes. The situation has disrupted the global shipping market, with the Houthis threatening vessels off the coast.
- WTI Price Movement: West Texas Intermediate (WTI) crude oil is holding steady near $74 a barrel. The price jumped more than 2% on Thursday, supported by a decrease in US inventories. The WTI closed at $74.08 on Thursday, marking the highest close since December 27.
- US Airstrikes and Houthi Attacks: Despite US airstrikes against the Houthi militants in Yemen, President Joe Biden has stated that the attacks will continue. The Houthi group persists in its attacks on Red Sea shipping, leading to costly diversions for many vessels.
- Market Challenges: Crude oil has faced challenges in finding a sustained direction in the early weeks of the year. The impact of Middle East tensions is offset by traders reducing bets on the Federal Reserve cutting interest rates, which has affected risk assets. The International Energy Agency (IEA) noted that the market appears well-supplied due to output from countries like the US, Brazil, Canada, and Guyana.
- US Crude Stockpiles: The Energy Information Administration (EIA) reported a 2.5 million barrel decline in US nationwide commercial crude stockpiles last week. This brought stockpiles to the lowest level since October. Strong oil exports were noted, but imports are increasing as refiners take advantage of affordable and abundant Canadian supplies.
- Market Outlook: Despite the tensions and supportive factors, WTI for February delivery declined slightly to $74.03 a barrel at the provided time. Brent for March settlement closed 1.6% higher at $79.10 a barrel on Thursday.
This information provides a snapshot of the current dynamics in the oil market, influenced by geopolitical tensions, inventory changes, and broader economic factors.