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Oil Gains on Signs of Tighter Market as US Stockpiles Seen Lower

Wednesday, 30 August 2023 14:03 WIB | Oil

Oil advanced for a fifth day on signs of another substantial draw in US inventories and a buoyant mood across wider markets. West Texas Intermediate rose above $81 a barrel, on course for the longest winning streak since March. US stockpiles tumbled by 11.5 million barrels, according to...

Oil Trades Flat As Supply Concerns Offset Worries Over Demand

Tuesday, 29 August 2023 17:29 WIB | Oil

Oil prices traded flat on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand were countered by concerns a tropical storm off the U.S. Gulf Coast may impact supply. Brent crude was flat at $84.42 a barrel by 0335 GMT, while U.S. West Texas Intermediate crude...

Oil Steadies Near $80 as Traders Seek Clues on Demand Outlook

Tuesday, 29 August 2023 13:56 WIB | Oil

Oil steadied as equity markets ticked higher and traders waited for the next set of clues on the outlook for crude demand in the US and China. West Texas Intermediate traded near $80 a barrel after gaining 1.5% over the past three sessions, the longest run of gains since late July. The...

Oil Steadies as China Stimulus Moves Vie With Demand Concerns

Monday, 28 August 2023 19:21 WIB | Oil

Oil held a gain as China announced measures to boost its stock and property markets, helping offset concerns about increased supply and monetary tightening in the US and Europe. West Texas Intermediate traded around $80 a barrel after closing 1% higher on Friday. The...

Oil Edges Higher as China Stimulus Moves Offset Demand Concern

Monday, 28 August 2023 14:05 WIB | Oil

Oil rose for a third day after China announced measures to boost its stock and property markets, helping offset concerns about increased supply and monetary tightening in the US and Europe. West Texas Intermediate traded above $80 a barrel after closing up 1% on...

WTI Crude Oil Rises Following Powell Speech to the Federal Reserve's Jackson Hole Conference

Saturday, 26 August 2023 08:32 WIB | Oil

West Texas Intermediate (WTI) crude oil rose on Friday even as Federal Reserve chair Jerome Powell said further interest-rate hikes could be coming if the US economy remains running hot WTI crude for October delivery closed up US$0.78 to settle at US$79.83 per barrel, while October Brent crude,...

Oil Hits Three-Week Low as Equity Woes Overshadow Tight Supplies

Thursday, 17 August 2023 08:52 WIB | Oil

Oil hit a three-week low as light summer trading left the commodity at the mercy of broader markets. West Texas Intermediate Futures are down 4.6% this week, on pace to snap a seven-week streak of gains. Equities, rattled by Chinaâ€™s stock market woes, dragged oil lower,...

Oil Prices Firm On Upbeat Demand Growth Forecasts

Saturday, 12 August 2023 01:50 WIB | Oil

Oil prices gained ground on Friday amid optimistic demand forecasts from the OPEC producer group and the International Energy Agency (IEA). Brent crude was up 49 cents, or 0.6%, at $86.89 a barrel at 1118 GMT while U.S. West Texas Intermediate (WTI) crude futures were up 49 cents, or 0.6%, at...

Oil Holds Nine-Month High as Investors Wait for Inflation Data

Thursday, 10 August 2023 20:19 WIB | Oil

Oil held gains near the highest level in almost nine months ahead of key US inflation data, as traders weighed the potential for tightening supply should hostilities between Russia and Ukraine escalate. West Texas Intermediate futures traded near $84 a barrel after climbing 3% over the...

Oil Hits New Highs As Tighter Supply Offsets China Demand Concern

Thursday, 10 August 2023 01:36 WIB | Oil

Oil hit new peaks on Wednesday with Brent crude touching the highest since April as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude inventories. Top exporter Saudi Arabia last week extended its voluntary...

Oil Rises As Tighter Supply Offsets China Demand Concern

Wednesday, 9 August 2023 22:23 WIB | Oil

Oil edged higher on Wednesday as tighter supply arising from output cuts by Saudi Arabia and Russia offset concerns over slow demand from top crude importer China and a report showing rising U.S. crude inventories. Saudi Arabia's cabinet said on Tuesday that it reaffirms its support for...

Oil Prices Fall As Weak China Trade Data Offsets Supply Concerns

Tuesday, 8 August 2023 21:54 WIB | Oil

Oil prices slipped on Tuesday after data showed China's imports and exports fell much more than expected in July in a further sign of weak growth in the world's largest oil importer, although losses were limited by expected supply tightness. Brent crude futures were at $85.05 a barrel, down by 29...

Oil Holds Steady Near Four-Month High On OPEC+ Cuts

Monday, 7 August 2023 22:47 WIB | Oil

Oil prices hovered near their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to extend supply cuts through September, further tightening supplies. Prices have seen a sustained rally, with both key benchmarks notching up their sixth consecutive weekly gains last...

Oil Prices Set For Sixth Weekly Gain On Pledged Output Cuts

Friday, 4 August 2023 21:55 WIB | Oil

Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through next month. Brent crude futures for October rose 2 cents to $85.16 a barrel by 0609 GMT, while U.S....

Oil Steady As Supply Concerns Offset US Ratings Downgrade

Thursday, 3 August 2023 21:57 WIB | Oil

Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Ratings agency Fitch downgraded the main U.S. credit rating, the...

Oil Prices Jump on Signs of Tightening Supply

Wednesday, 2 August 2023 22:49 WIB | Oil

Oil prices jumped to their highest levels in more than three months on Wednesday after a report that U.S. inventories fell sharply last week. Brent crude futures, the international benchmark, climbed above $85 a barrel early Wednesdayâ€”reaching the highest level in more than three months. At...

Oil Steadies Near Three-Month High On Tighter Supplies

Wednesday, 2 August 2023 02:16 WIB | Oil

Oil hovered around three-month highs on Tuesday as investors focused on tightening global supplies and demand growth in the second half of the year. Brent crude futures for October were at $85.43 a barrel at 1152 GMT, down 20 cents. Front-month Brent settled at its highest since April 13 on...

Oil Dips On Signs Of Profit-Taking After Rallying In July

Tuesday, 1 August 2023 23:00 WIB | Oil

Oil prices edged lower on Tuesday on signs of profit-taking after rallying in July when investors benefited from tightening global supplies and signs of growing demand in the second half of the year. Brent crude futures for October were at $85.89 a barrel at 0822 GMT, down 54 cents. Front-month...

Oil On Track For Biggest Monthly Gains In Over A Year

Monday, 31 July 2023 22:42 WIB | Oil

Oil prices were set to post their biggest monthly gains in more than a year on Monday, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply. Brent crude futures slipped 7 cents to $84.92 a barrel by 0819 GMT, while U.S. West Texas...

WTI Oil Ends Above $80 for 1st Time in 3 Months

Friday, 28 July 2023 08:43 WIB | Oil

US crude futures finish 1.7% higher at $80.09 a barrel, marking the first time WTI has settled above $80 since April 18. "Helping sentiment was some very bullish economic data," says Louis Navellier of the money management firm Navellier & Associates. "Jobless claims continue to fall,...

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