Solid Gold Berjangka | Oil headed for a weekly drop as bearishness in financial markets and dollar strength outweighed fears the Israel-Hamas war will escalate and jeopardize supply from the Middle East.
West Texas Intermediate edged higher on Friday to near $84 a barrel, but was down around 6% for the week. Global benchmark Brent traded close to $88. Iran’s foreign minister said the US won’t escape unaffected if the conflict widens, after Washington said Tehran was ultimately to blame for a spate of drone attacks on American forces. Israel said it had killed the deputy head of intelligence of Hamas.
The Middle East war premium in oil futures is masking a slump in prices of physical barrels, suggesting demand is weakening. Global stocks markets have also fallen, while a gauge of the dollar is near the highest since November, increasing the price of commodities for most buyers.
Oil has been rocked since the Oct. 7 Hamas attack on Israel, initially surging on fears of a wider conflict but then paring those gains as the war remained contained. Still, indications that Israel will go ahead with a ground invasion of Gaza could lead to more turbulence in a region that accounts for about a third of the world’s crude supply.
WTI for December delivery rose 0.6% to $83.69 a barrel at 7:56 a.m. in Singapore. Brent for December settlement closed 2.4% lower at $87.93 a barrel on Thursday.
Source : Bloomberg, PT SGB, SOLID GOLD BERJANGKA, SOLID GROUP
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