Friday, 15 September 2023 07:21 WIB | OIL |Minyak WTIMinyak jenis Brent

Oil headed for a third weekly gain as the market continued to tighten on the back of supply curbs from Saudi Arabia and Russia.

West Texas Intermediate edged higher on Friday after crossing the $90 a barrel mark on Thursday for the first time since November. The International Energy Agency and Organization of Petroleum Exporting Countries both warned this week that the market would be in deficit through the end of the year, helping to propel crude to a gain of 3.6% since last Friday’s close.

The US crude benchmark has now surged 35% from a low in mid-June, with predictions from analysts that oil will reach $100 a barrel becoming increasingly common. Still, there are technical signs that the rally is overdone. WTI’s 14-day relative strength index has been above a threshold that signals a pullback is possible for the last few sessions. 

WTI for October delivery rose 0.6% to $90.69 a barrel at 8:06 a.m. in Singapore. Brent for November climbed 0.5% to $94.16 a barrel.

Source: Bloomberg

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