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

Indonesia News Portal for Traders | Financial & Business Updates

9 January 2025 07:47  |

Oil Steady in Early Asian Trading

Oil steadied after a volatile session, as traders assessed signs of a tightening market that has supported gains in the new year.

West Texas Intermediate held above $73 a barrel, after ending more than 1% lower on Wednesday even as U.S. data showed crude holdings at the key Cushing, Oklahoma, hub hit their lowest since 2014. Brent settled near $76.

Oil has made a strong start to 2025, despite widespread concerns that prices will struggle this year. The advance that has lifted WTI to its highest since mid-October has been driven by falling U.S. stockpiles, lower supply from OPEC+ member Russia and concerns that President-elect Donald Trump could tighten sanctions on Iran when he takes office.

Market metrics point to tightening conditions. WTI’s prompt spread, the difference between its two nearest contracts, is 64 cents a barrel in backwardation, a bullish pattern. That’s more than double the gap from a month ago.

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