RRI.CO.ID, Jakarta - Global crude oil prices fell as Iran appeared more willing to engage in further negotiations. This eased market concerns about supply disruptions.
West Texas Intermediate (WTI) oil is traded around $101 per barrel. Brent crude is at about $108 per barrel.
The decline in oil prices helped push most Asian stock markets higher. Lower energy costs improved investor sentiment.
Indonesia’s stock index, IHSG, also opened higher at 6,988. However, the Indonesian rupiah weakened to 17,330 per US dollar.
The weaker rupiah could weigh on IHSG during trading sessions. Local sentiment remains a key factor behind the currency’s decline.
The US dollar index and US 10-year Treasury yields remain relatively stable. They even show a slight decline.
Markets are now waiting for Indonesia’s inflation and trade balance data. These reports will shape expectations for the rupiah.
Investors also focus on Q1 economic growth data, which is expected to stay around 5% year-on-year. However, quarterly growth may contract and affect market sentiment.
Writer: Gunawan Benjamin (Economist, Islamic Uniuversity of North Sumatra)
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