Oil Prices Slip on Unexpected US Gasoline Build.

Oil prices saw a slight decline due to an unexpected increase in US gasoline inventories, which raised concerns about the demand outlook. The price of Brent crude oil declined by 0.18% to $72.70 per barrel, while the price of US West Texas Intermediate (WTI) crude oil fell by 0.22% to $68.57 per barrel. Due to the Thanksgiving holiday in the United States, trading activity is anticipated to be relatively limited. According to data from the US Energy Information Agency, US gasoline stocks increased by 3.3 million barrels for the week ending November 22, contrary to expectations of a modest decline. Analysts had anticipated a decline of 46,000 barrels, according to the results of a Reuters poll. The deceleration in fuel demand growth among major consumers, including the United States and China, has exerted downward pressure on oil prices this year. However, the reduction in supply from OPEC+ has helped to limit the extent of the decline. It has been reported that members of OPEC+ are discussing the possibility of extending the current oil price cuts.

Stok Bensin AS Melonjak, Harga Minyak Dunia Turun Tipis
 

US Economy Shows Resilience in Q3 Despite Headwinds.

The US economy saw a notable uptick in the third quarter of 2020, driven by increased consumer spending and a stable business investment environment. The US Bureau of Economic Analysis reports that the gross domestic product (GDP) increased by 2.8% year on year (YoY) in Q3. Consumer spending, a primary driver of economic growth, increased by 3.5%, reaching its highest level this year. However, this figure was slightly lower than initially reported due to slightly less robust spending on merchandise. Conversely, business investment in research and development was revised upwards. The GDP report illustrates the economy's resilience in the face of challenges such as price pressures, high borrowing costs, and political uncertainty. Despite the recent deceleration in inflation, the Federal Reserve has initiated a reduction in interest rates. As Donald Trump prepares to resume his role as President, businesses and consumers alike are eagerly awaiting the launch of his economic agenda in the coming year. Additionally, the gross domestic income (GDI) saw a 2.2% increase in the third quarter. In summary, the US economy expanded at an average rate of 2.5% in the third quarter.

Pertumbuhan Ekonomi AS Capai 2,8% pada Kuartal III/2024
 

BOK Cuts Rates Amidst Growth Concerns.

The Bank of Korea (BOK) has taken investors by surprise by cutting interest rates following a downward revision of its growth forecast for 2025. In response to mounting trade and economic concerns following Donald Trump's election as US President, the central bank has reduced the seven-day repurchase rate by 0.25% to 3%. The BOK now anticipates that the South Korean economy will expand by 1.9% next year, a notable decline from its previous projection of 2.1%. The decision has resulted in a decline in yields on three-year South Korean government bonds and a slight increase in stock prices, while the Korean won has weakened against the US dollar. Analysts believe that the BOK's decision is a precautionary measure in anticipation of a potential downturn in investment and consumption if the economy worsens next year, as well as a means of addressing the rising debt burden among households and companies.

Antisipasi Kebijakan Trump, Bank of Korea Pangkas Suku Bunga ke 3%