United States (US) West Texas Index (WTI) crude prices slipped into negative territory for the first time ever over storage capacity constraints after COVID-19 hit the demand - Photo: Special

JAKARTA (TheInsiderStories) – Good morning! Global oil prices near three months high as market tightened amid rekindled hopes that the United States (US) and China could reach a trade deal. The increasing also driven by Organization of the Petroleum Exporting Countries (OPEC) production cuts and US sanctions on Iran and Venezuela.

On Monday, West Texas Index Crude was trading up 0.80 percent at US$56.43. While, Brent Crude trade down 0.02 percent to $66.24.

OPEC and Non-OPEC including the largest producer Saudi Arabia helped push prices up. This bullish signal combined with renewed optimism coming from both of the two giant economy in the world had made some progress in last week’ trade talks. The officials from US and China will be meeting again in Washington this week for another round of trade talks and the markets.

Furthermore, US President Donald Trump keeping his promised to secure the Southern Border. As the President Day he said, sections of the border wall are already being built and the funding bill contains robust resources and additional provisions to secure the border and strengthen immigration enforcement.

He noted, the bill provides $1.375 billion for approximately 55 miles of border barrier in highly dangerous and drug smuggling areas in the Rio Grande Valley, where it is desperately needed. Trump reported, more than 40 percent of all border apprehensions occurred in the Rio Grande Valley sector in 2018.

The Rio Grande Valley was the border sector with the most known deaths of illegal border crossers in 2018. $415 million will go toward addressing the humanitarian crisis at the border by providing medical care, transportation, processing centers, and consumables, he added.

President Trump was using his legal authority to take executive action to secure additional resources, just as he promised.  In part, he is declaring a national emergency that makes available additional troops and funding for military construction.

The United Kingdom remains on course to leave the European Union (EU) on March 29. In her letter to member of parliament, prime minister Theresa May said she will return to Brussels to meet European Commission President Jean-Claude Juncker this week and speak to the leaders EU member state over the coming days.

Her main goal is to win concessions over the backstop. Recently EU leaders have rejected May proposal.

From domestic side, Financial Service Agency’ head Hoesen stated, the regional government met some difficulties such as the establishment of special division to manage the debt and maintain relation with investors and Regional House agreement process.

Previously, South Kalimantan Deputy Governor has discussed the municipal bond issuance with Indonesia Stock Exchange officials and considered to gain funding through capital market. South Kalimantan may need around Rp20 trillion ($1.43 billion) alternative funding other than regional budget for infrastructure development.

While, Indonesia Stock Exchange suspended 12 companies shares trade due to their annual listing fee arrears, said official statement. Some of the listed-companies are PT Sugih Energy Tbk (IDX: SUGI), PT Tiga Pilar Sejahtera Tbk (IDX: AISA), PT Golden Plantation Tbk (IDX: GOLL), PT Indonesia Transport & Infrastructure Tbk (IDX: IATA), and PT Sekawan Intipratama Tbk (IDX: SIAP).

Annual listing fee varies from Rp50 million to Rp250 million. Based on regulation, annual listing fee must be paid in advance for 12 months, at least by the end of January. If the payment passed the due, then company must pay the fine at least 15 days after the sanction. Afterwards, the company shares will be suspended if not paying the fine.

Yesterday, the Jakarta Composite Index closed rocketing by 1.7 percent to 6,497, supported by domestic investors. Foreign investors recorded Rp147.02 billion net sells. Meanwhile, Rupiah slightly increased by 0.07 percent to 14,105 compared to US Dollar.

May you have a profitable day!

US$1: Rp14,000

Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia