Oil Heads for Third Weekly Advance With Tighter Markets in View

ByIT Lampung

Sep 15, 2023

(FILES) In this file photo taken on April 8, 2019 employees walk along the Total Culzean platform on the North Sea, about 45 miles (70 kilometres) east of the Aberdeen, Europe's self-proclaimed oil capital on Scotland's northeast coast. - Following the energy shock from the war in Ukraine, the UK government will on April 7, 2022 outline a much-delayed energy strategy that will call for more renewable power from nuclear, wind and solar. But it will also likely give a controversial nod to more drilling for North Sea oil and gas, and the government is looking too into lifting a ban on fracking for shale gas on land. (Photo by Andy Buchanan / AFP) / TO GO WITH AFP STORY by Joseph SOTINEL

Friday, 15 September 2023 07:21 WIB | OIL |Minyak WTI Minyak 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