Friday, 28 June 2024 07:44 WIB | OIL |MinyakMinyak WTIMinyak MentahMinyak Brent
Oil held in the narrowest trading range since 2021, ahead of US economic data that may help set the tone for broader markets.
West Texas Intermediate edged toward $82 a barrel after rising 1% on Thursday, with prices moving in a band of less than $2 this week. Brent was near $87. The stalemate in crude markets has prompted investors to focus on further-dated contracts next year including for June and December.
Traders will be watching personal consumption data later Friday for clues on the path forward for US monetary policy. Federal Reserve Bank of Atlanta President Raphael Bostic said he continues to expect one interest rate cut this year in the fourth quarter as inflation shows progress.
Oil is on track for a monthly gain after stumbling at the start of June following an announcement from OPEC+ that the group would start returning some supply later this year. The alliance was forced to clarify that it could pause or reverse production changes if needed, and prices have trended higher since.
Prompt spreads are signaling some strength, with the measure for Brent crude rallying to over $1 a barrel in a bullish backwardation structure ahead of the contract expiry. Market watchers are also positive on the price outlook for the third quarter due to seasonal demand.
WTI for August delivery was 0.3% higher at $81.96 a barrel at 8:35 a.m. in Singapore. Futures are up 6.4% this month. Brent for August settlement, which expires Friday, rose 0.2% to $86.60 a barrel. The more-active September contract climbed 0.2% to $85.42 a barrel.
Source : Bloomberg