• Sun, Mar 1, 2026|
  • JKT --:--
  • TKY --:--
  • HK --:--
  • NY --:--
 TOP NEWS

Indonesia News Portal for Traders | Financial & Business Updates

3 January 2025 07:10  |

Oil Set for Second Weekly Advance as US Crude Stockpiles Shrink

Oil headed for a second weekly gain as US crude stockpiles continued to fall and as futures breached a key technical threshold.

West Texas Intermediate traded above $73 a barrel after rising 2% on Thursday to the highest level since mid-October. Brent closed near $76. US nationwide inventories dropped for a sixth straight week, and stockpiles remain well below the five-year seasonal average.

Oil has broken out of a narrow range it’s been trading in since the mid-October, with a move by both benchmarks above their 100-day moving average leading to algorithmic buying. The outlook for the year remains uncertain, however, with expectations for oversupply, the possible return of OPEC+ barrels and lackluster demand from top importer China.

WTI for February delivery was unchanged at $73.13 a barrel at 7:31 a.m. in Singapore.

Futures are up 3.6% so far this week.

Brent for March settlement closed 1.7% higher at $75.93 a barrel on Thursday.

Source : Bloomberg

 

Related News

OIL

Oil Drops as Dollar Surges After Rate Cut

Oil fell as expectations for fewer interest-rate cuts by the Federal Reserve next year boosted the dollar. February West Te...

19 December 2024 07:12
OIL

Oil Prices Down Amid Israel Ceasefire, US Stockpile Drawdow...

Oil prices fell slightly in Asian trade on Wednesday, extending recent losses after Israel agreed to a two-month deal. Bren...

27 November 2024 09:52
OIL

Oil prices rise on geopolitical tensions, OPEC+ supply plan...

Oil prices rose on Wednesday as market participants weighed geopolitical tensions and the prospect of OPEC+ extending supply ...

4 December 2024 13:21
OIL

Oil trims losses on tight near-term supply

Oil prices edged up on Wednesday on signs of near-term supply tightness but remained near their lowest in two weeks a day aft...

13 November 2024 17:49
BIAS23.com NM23 Ai