Monday, 18 September 2023 07:10 WIB | OIL |MinyakMinyak WTIMinyak MentahMinyak Brent

Oil held near a 10-month high as OPEC+ supply cuts tightened the global market, with Saudi Energy Minister Prince Abdulaziz bin Salman due to address an industry conference on the kingdom’s crude policy and outlook.

Global benchmark Brent traded near $94 a barrel following a three-week run of gains that boosted prices by 11%. With Saudi Arabia and Russia prolonging supply curbs through to the year end, the minister is set to be among keynote speakers at the World Petroleum Congress in Calgary, Canada later Monday.

Crude in London is nearly 10% higher year-to-date as the OPEC+ linchpins curb production and the demand outlook brightens, with the US potentially avoiding recession just as refiners in top importer China go all-out. Against that backdrop, speculators have boosted net-bullish wagers on Brent and US oil benchmark West Texas Intermediate to a combined 15-month high.

Brent for November settlement rose 0.1% to $93.99 a barrel at 7:52 a.m. in Singapore. WTI for October delivery gained 0.2% to $90.94 a barrel.

Source : Bloomberg

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