Thursday, 27 June 2024 07:37 WIB | OIL |MinyakMinyak WTIMinyak MentahMinyak Brent
Oil was steady after a choppy session on Thrusday following volatility in equity markets and a large build in US crude stockpiles.
Brent traded near $85 a barrel after closing 0.3% higher in the previous session, with futures moving in a narrow range this week. West Texas Intermediate was below $81. Crude inventories expanded by 3.59 million barrels last week, significantly more than what was signaled in an industry report.
Futures have taken their cues from the fluctuations of wider stock markets at times recently in the absence of major drivers for oil. The outcome of upcoming elections in Iran and France could add further volatility.
Crude is on track to end the month higher and there are expectations prices will climb further over the next quarter on seasonal strength. Traders are watching for a range of US economic data over the next two days, including employment figures, which could set the tone for oil and broader markets.
US Gulf Coast crude inventories ballooned by 2 million barrels last week and remain at the highest since 2020 on a seasonal basis, while overall stockpiles are the biggest since April. There are signs of lackluster fuel consumption, with measures of gasoline and jet fuel demand flagging.
Brent for August settlement fell 0.4% to $84.94 a barrel at 8:28 a.m. in Singapore. WTI for August delivery was 0.4% lower at $80.58 a barrel.
Source : Bloomberg