Friday, 8 September 2023 07:04 WIB | OIL |Minyak WTIbrent oilOil,Crude Oil

Oil headed for a weekly gain after OPEC+ leaders Saudi Arabia and Russia extended supply cuts through year-end and US inventories declined.

West Texas Intermediate was steady near $87 a barrel, after retreating by 0.8% on Thursday as futures strayed into overbought territory. For the week, the US crude benchmark has risen by more than 1%, rallying to the highest level since November on Wednesday.

In the US, data showed nationwide crude stockpiles shrank by 6.3 million barrels to the lowest since December. Gasoline and distillate inventories also declined. The draws coincided with the strongest pace for exports since July.

Oil has rallied this quarter as the OPEC+ supply cuts boosted prices, with underlying metrics including key timespreads signaling a tighter market. Still, some banks remain cautious, with JPMorgan Chase & Co. saying crude is unlikely to see $100 a barrel this year as the demand outlook is challenging.

WTI for October delivery fell 0.2% to $86.70 a barrel at 7:48 a.m. in Singapore.

Brent for November settlement closed 0.8% lower at $89.92 a barrel on Thursday.

Source : Bloomberg

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