Oil prices rise after OPEC+ keeps output policy unchanged
Oil prices gained more than $1 on Wednesday as
OPEC+
agreed to leave their output policy unchanged and as production shut-ins from Canada raised supply concerns, while investors anticipated members of OPEC+ would agree to a production increase later this week.
Brent crude futures
rose $1.15, or 1.79%, to $65.24 a barrel by 12:07 pm EDT (1607 GMT), while
US West Texas Intermediate crude
gained $1.27, or 2.09%, to stand at $62.16 a barrel.
The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production. The meeting did not make any changes to the group's output policy. Most of the oil producing countries at the Wednesday meeting do not have the spare capacity to take barrels on and off the market, said Bob Yawger, director of energy futures at Mizuho. "They were hoping to slow the pace of production increases and stop the slide in price. But that's not the way it panned out," he added.
A separate meeting on Saturday of eight OPEC+ countries is expected to decide on an increase in oil output for July.
Goldman Sachs analysts see the group of eight keeping production steady after the July hike on new projects entering the market later this year, slowing economic growth and a build-up of oil stocks. "However, we see the risks to our OPEC8+ supply path as skewed to the upside, especially if compliance doesn't improve or if hard demand data surprise further to the upside," they added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
4 hours ago
- Mint
Kanye West changes his name once again after using 'Ye'. Fans say 'should've been hehe cause he's a joke'
According to a report by The U.S. Sun on June 9, new business documents filed in California suggest that the rapper, who legally changed his name to 'Ye' in 2021, is now going by 'Ye Ye'. The filings were submitted by West's chief financial officer, Hussain Lalani. Three of West's companies — Yeezy Apparel, Yeezy Record Label LLC, and Getting Out Our Dreams Inc — now reportedly list the name 'Ye Ye' in official records. The change appears to be the latest in a series of rebrandings from the 48-year-old artist and entrepreneur. What remains unclear is whether Kanye West, who rose to fame with hits like 'Stronger' and 'Gold Digger', has also legally changed his personal name to 'Ye Ye'. So far, he has made no public announcement on the matter. Fans reacted with a mix of humour and confusion. While some expressed curiosity about the new name's meaning, others joked online about the constant changes. 'Should've been HEHE cause he's a joke,' one fan wrote on X (formerly Twitter). Another said, 'He is off his meds again oh god.' A third person wrote, 'ain't nobody calling him that.' West, who often makes headlines for his unpredictable decisions, has not responded to the speculation. As of now, only the business paperwork shows the updated name — but knowing Kanye, it may just be a matter of time before 'Ye Ye' becomes part of his public persona. Bianca Censori, the Australian architect and wife of rapper Kanye West, has officially registered her first company in the United States. The firm, named Bianca Censori Inc., was filed in California last month, according to state records. Despite the solo branding, Kanye West is still involved in the venture. The 'Heartless' rapper is listed as a director of the company, and his long-time lawyer, Manoj Shah, is handling the legal side of the operation.
Economic Times
5 hours ago
- Economic Times
ET Market Watch: Sensex Ends Flat as Banks Drag, Nifty Holds 25,100
Transcript D-Street hit the pause button today! The Sensex slipped 53 points, closing at 82,391, while the Nifty managed to hold above 25,100 — up just 1 point! Why flat? Banking stocks dragged the mood down despite global optimism and RBI policy support. HDFC Bank and ICICI Bank cooled off after a 4-day rally — both down nearly 0.6–0.8%. But tech saved the day! Nifty IT jumped 1.7% — thanks to hopes of a U.S.-China trade thaw. Top gainers? Tech Mahindra, Infosys, HCL Tech – all up over 1–2%. Big movers: • RattanIndia Enterprises +19% • Reliance Power +10% • Adani Power +5% However, real estate slipped: Prestige, DLF, Lodha — all fell 1–3%. Globally? Markets are cautiously optimistic as U.S.-China trade talks extend into a second day. Fed rate cut bets are cooling. Traders broadly expect the Federal Reserve to hold rates steady at its policy meeting next week, with markets pricing in just 44 basis points of rate cuts by December. The Indian rupee closed at 85.6025 against the U.S. dollar on Tuesday, nearly unchanged from its previous close of 85.62, mirroring muted moves in most Asian currencies. Oil prices edged higher on Tuesday, supported by optimism around ongoing U.S.-China trade talks and expectations of a slight dip in Saudi Arabia's crude exports to China. Brent crude futures rose 16 cents to $67.20 a barrel while U.S. West Texas Intermediate (WTI) crude gained 14 cents, or 0.2%, to trade at $65.43. Stay tuned. It's a wait-and-watch week — especially for Fed policy next week.
India Gazette
9 hours ago
- India Gazette
Finance Minister Nirmala Sitharaman chairs 29th FSDC meeting in Mumbai
ANI 10 Jun 2025, 14:45 GMT+10 New Delhi [India], June 10 (ANI): The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, chaired the 29th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday. The meeting was also attended by Union Minister of State for Finance Pankaj Chaudhary. A senior official of the finance ministry, RBI Governor Sanjay Malhotra, and SEBI Chairman Tuhin Kanta Pandey are also attending the meeting. 'Also present during the #FSDC meeting are Governor @RBI; Finance Secretary and Secretary, D/o Economic Affairs; Secretaries of @DFS_India; D/o Revenue; OSD DEA @FinMinIndia; and @MCA21India; Chief Economic Adviser; Chairpersons @SEBI_India, @IFSCA_Official, senior representatives from @PFRDAOfficia, @IBBIlive, IRDAI, @IndianCERT, and other senior officials of @FinMinIndia,' the Ministry of finance said on social media platform 'X'.The Financial Stability and Development Council (FSDC), established by the Government in December 2010, serves as the apex forum aimed at fortifying financial stability, fostering inter-regulatory coordination, and advancing the development of the financial gathering provided a platform to deliberate on critical issues concerning financial stability, inter-regulatory coordination, and the development of the financial sector in the last meeting, the 28th FSDC meeting, one of the primary objectives of the FSDC was to ensure macro-prudential supervision of the economy, including monitoring the functioning of large financial the council addressed matters about inter-regulatory coordination and financial sector development, with a focus on enhancing financial literacy and fostering financial inclusion initiatives across the FSDC meeting underscored the government's commitment to maintaining a robust and resilient financial system that not only fosters economic growth but also safeguards the interests of all India continues its journey towards becoming a global economic powerhouse, forums like the FSDC play a pivotal role in shaping policies and regulations to navigate the complexities of the financial landscape. (ANI)
