Oil prices fall as OPEC+ output hikes counter Russia disruption concerns
Brent crude futures were down 58 cents, or 0.84%, to $68.18 a barrel at 12:17 p.m. EDT (1617 GMT), while U.S. West Texas Intermediate crude slipped 59 cents, or 0.89%, to $65.7. Both contracts fell by more than 1% on Monday to settle at their lowest levels in a week.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned.
"The significant increase in OPEC supplies is weighing on the market," said Andrew Lipow, president of Lipow Oil Associates. "The market now is going to see if India and China agree to substantially reduce the purchases of Russian crude oil, thereby looking for alternative supplies elsewhere."
Trump on Tuesday again threatened higher tariffs on Indian goods over the country's Russian oil purchases over the next 24 hours. Trump also said declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine. New Delhi called Trump's threat "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries.
Oil's move since Trump's threat indicates that traders are sceptical of a supply disruption happening, John Evans of oil broker PVM said in a report. He questioned whether Trump would risk higher oil prices.
"I'd call it a stable market for oil," said Giovanni Staunovo, an analyst at UBS. "Assume this likely continues until we figure out what the U.S. president announces in respect to Russia later this week and how those buyers would react."
India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million bpd from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources.
There are renewed concerns about global oil demand, with some analysts expecting faltering economic growth in the second half of this year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
29 minutes ago
- Reuters
BTC Miner Emerges as a Passive Income Alternative to Traditional AI and Crypto Investments
NEW YORK, NY, August 6, 2025 (EZ Newswire) -- While headlines focus on AI stocks, ETFs and tokenized real estate, a growing number of everyday investors are turning to something simpler—and, for some, far more profitable: BTC Miner, opens new tab, a cloud mining platform offering hands-free crypto earnings. While traditional markets tout annual gains of 10%, BTC Miner users are reportedly earning up to 6.63% daily, with profits delivered directly to their wallets—no trading experience or mining hardware required. A Set-It-and-Forget-It System With Daily Payouts BTC Miner simplifies the traditional mining process. There are no rigs, no noise, and no technical setup. Users choose from short-term contracts—some as brief as one day—and fund them with their preferred cryptocurrency, including USDT, BTC, ETH, LTC, USDC, BNB, XRP, DOGE, BCH or SOL. Profits are automatically calculated and paid out every 24 hours. Users can withdraw or reinvest earnings at any time. Entry-level contracts start at just $200, and the most popular plans advertise daily returns of up to 6.63%. Is 6.63% Per Day Too Good to Be True? Skepticism is common—but BTC Miner emphasizes security, transparency and responsible operations: While ETH Surges, BTC Miner Users Are Already Profiting Ethereum is up more than 25% this month. But instead of holding and waiting for a market shift, BTC Miner users are already cashing in—with daily, automated returns that don't rely on speculation or technical analysis. This isn't about chasing bull markets. It's about earning consistent income—regardless of market direction. Passive Income in 2025, Not the Hype of 2017 As many investors wait for the next halving cycle or regulatory breakthrough, BTC Miner offers an alternative: up to 6.63% daily returns, with no manual trading, no guesswork and no complicated setup. Visit create a free account, select your plan, and begin earning. About BTC Miner BTC Miner is a global leader in cloud mining, committed to providing efficient, secure and transparent services. The platform supports contract mining for a variety of popular cryptocurrencies, enabling users to earn passive income through simple online operations. BTC Miner leverages advanced cloud computing technology and AI-powered optimization algorithms to deliver high returns with low risk. For more information, visit opens new tab. Disclaimer The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. ### SOURCE: Copyright 2025 EZ Newswire See release on EZ Newswire
Reuters
29 minutes ago
- Reuters
Indian shares set for muted open after Trump doubles tariff
MUMBAI, Aug 7 (Reuters) - Indian shares are poised for a muted start on Thursday after the United States imposed an additional 25% tariff on exports from the South Asian nation, sparking investor concerns over the potential economic fallout from souring relations. Gift Nifty futures were trading at 24,586 points as of 7:05 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Wednesday's close of 24,574.2. The one-month dollar-rupee non-deliverable forwards (NDF) indicate that the Indian currency is set to open largely unchanged from its last close. "Markets can fall 1%-2% in a knee-jerk reaction, but most would expect a resolution to the trade issue," said Dhiraj Relli, chief executive officer of HDFC Securities. If tariffs persist for a year, the impact on India's GDP growth will be around 30-40 basis points, he said. Before the additional tariffs were announced on Wednesday, the Reserve Bank of India (RBI) retained its GDP growth forecast for the year at 6.5%, downplaying tariff-related uncertainties. The doubling of tariffs to 50% - among the highest imposed on any U.S. trading partner - coupled with worsening bilateral ties could shake markets out of their complacency, Nilesh Shah, CEO of Kotak Mahindra Asset Management Company, said. "Some correction" is inevitable if the tariffs hold, he added. Foreign investors have offloaded Indian shares worth $900 million so far in August, following $2 billion in outflows in July as weak earnings growth and tariff-related uncertainties weighed. "I would be very reluctant to buy into India or have a company that has supplies coming out of India. It would make me very cautious," said Max Wasserman, founder and senior portfolio manager at U.S.-headquartered Miramar Capital. Wasserman said he does not expect the tariffs to hold for long but the announcement "would definitely give us a pause if we were looking to invest in India because we want to see how the relationship shakes out." India's benchmark equity indexes Nifty 50 and Sensex (.BSESN), opens new tab have gained 4% and 3%, respectively, so far in 2025, underperforming the 15.7% rise in MSCI Emerging Markets index (.MIEF00000PUS), opens new tab. The fresh U.S. tariffs threaten to disrupt India's access to its largest export market, where shipments totalled nearly $87 billion in 2024, dealing a blow to sectors like textiles, footwear, gems and jewellery. Oil companies like Reliance Industries ( opens new tab could also come under pressure as the U.S. tries to push India to curb its Russian oil purchases. "If we cave under pressure, we risk losing access to cheaper Russian crude, which could squeeze refining margins. That's a risk for Reliance and oil marketing companies," said Pramod Gubbi, co-founder at Marcellus Investment Managers. Textiles could take a direct hit, although jewellery exports may be in a better position to pass on higher costs to U.S. consumers as India remains a dominant player in diamond cutting and polishing, Gubbi said. IT services and pharmaceutical firms are less impacted for now, he added.
Reuters
29 minutes ago
- Reuters
United Airlines flights resume after it resolves technology glitch
WASHINGTON, Aug 6 (Reuters) - United Airlines (UAL.O), opens new tab said a technology issue that led to a brief grounding of its flights at U.S. airports on Wednesday had been resolved. "While we expect residual delays, our team is working to restore our normal operations," the airline said. The outage, which lasted for more than an hour, prompted ground stops at several major United hub airports including Newark, Denver, Houston, and Chicago, according to the U.S. Federal Aviation Administration's website. United did not provide details of the technology issue that grounded flights, but a source familiar with the matter said the airline had suffered an outage of its weight calculation system. As of 9:25 p.m. ET (0125 GMT on Thursday), flight tracking data from FlightAware showed that 870, or 28%, of United flights had been delayed on Wednesday. United's outage came a few weeks after Alaska Airlines grounded all of its flights for about three hours due to an IT outage for the second time in just over a year. In April 2024, Alaska grounded its entire fleet due to an issue with the system that calculates the weight and balance of its planes.
