Oil prices little changed as industry report points to slowing US demand
were little changed on Wednesday after falling in the previous session after an industry report showed
US crude stockpiles
climbed last week illustrating the end of the seasonal summer demand period is nearing.
Brent crude futures
gained 3 cents to 66.15 a barrel at 0102 GMT after dropping 0.8 per cent in the previous session. US West Texas Intermediate crude futures fell 3 cents to $63.14 after declining 1.2 per cent .
Crude inventories
in the US , the world's biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly.
Should the US Energy Information Administration data set for release later on Wednesday also show a decline, it could indicate that consumption during the
summer driving season
has peaked and refiners are easing back their runs. The demand season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September.
Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week.
Outlooks issued by
OPEC
and the EIA on Tuesday pointed to increased production this year which also weighed on prices. But both expect output in the US , the world's largest producer, to decline in 2026 while other regions will increase oil and
natural gas production
.
US crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report.
The Organisation of the Petroleum Exporting Countries' monthly report said global
oil demand
will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.
The White House on Tuesday tempered the expectations for a quick
Russia-Ukraine ceasefire
deal, which may lead investors to reconsider an end to the war soon and any easing on sanctions Russian supply, which had been supporting prices.
US President Donald Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss ending the war.
"Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall," ANZ senior commodity strategist Daniel Hynes wrote in a note.
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Mint
26 minutes ago
- Mint
India plans compliance reforms, seamless GST refunds, PLI fixes to woo investors
New Delhi: The government is working on a plan to substantially ease compliance burdens and eliminate policy bottlenecks as well as procedural hurdles to attract investments, after India's talks for a trade agreement with the US stalled over the latter's demand for greater market access to the politically-sensitive agriculture and dairy sectors. The government has asked 37 of its ministries to submit a detailed report on the key compliance requirements that are creating roadblocks for manufacturers, exporters, investors and small enterprises, hurting their ability to conduct their businesses smoothly, three government officials directly involved in the ongoing consultations said on the condition of anonymity. One of the key areas under discussion to strengthen the domestic manufacturing base is reforming the GST reimbursement mechanism on the lines of the income tax refund, where an assessee gets refunds soon after the verification of their returns in an automatic, seamless manner, the first of the three officials cited earlier said. During discussions with officials from various ministries and separately with exporters and manufacturers, a critical concern that was flagged was the absence of an automatic refund mechanism after disputes flagged with a red alert notice are resolved, the second person said. 'Traders currently have to apply afresh to claim refunds even after the dispute is settled and the red alert is removed, creating an unnecessary compliance burden." Queries sent to the ministries of commerce, finance, external affairs, the prime minister's office, and the GST secretariat remained unanswered till press time. There remain a few challenges for GST refunds, particularly for exporters and MSMEs (micro, small and medium enterprises), such as delays in refunds, and procedural complexities that need to be addressed, Hemant Jain, president, PHD Chamber of Commerce and Industry, said. 'For traders, these delays directly translate into higher financial costs, reduced competitiveness, and uncertainty in fulfilling orders. Removing these hurdles will not only improve the ease of doing business but also bolster India's trade efficiency and export growth, especially with rising geopolitical uncertainties," Jain added. As talks with the US for the bilateral trade agreement (BTA) hit a stalemate, president Donald Trump imposed an additional 25% punitive tariff on India for buying Russian oil and weapons, taking the total import duty on Indian goods to 50%. The government is leveraging this trade crisis to fast-track ease-of-doing-business reforms, including a single-window clearance system inspired by passport services, and simplified procedures for land acquisition and contract management, according to a Mint report on 9 August. As of 30 June, total direct and indirect tax arrears in India amounted to over ₹54.53 trillion, the government informed Parliament on 5 August. In a written reply to a question in the Rajya Sabha, minister of state for finance Pankaj Chaudhary stated that pending indirect tax arrears stood at more than ₹7.01 trillion, while direct tax arrears were over ₹47.52 trillion. 'The delay in processing GST refunds has been a significant concern for businesses, particularly exporters and manufacturers, as it affects their working capital and cash flow," said Abhash Kumar, trade economist and assistant professor of economics at Delhi University. 'Other proposals include easing incentives reimbursement norms, softening rules for opening bank accounts for Overseas Citizen of India (OCI) card holders, and removing redundant approvals for foreign investors," said the third person. The government is also keen on simplifying the claims procedures under the production-linked incentive (PLI) scheme, designed to boost domestic manufacturing. 'Easing procedural challenges in claiming incentives under the PLI scheme is a key focus for the government. The aim is to make the process hassle-free, encouraging more investments that will boost the manufacturing sector and create employment opportunities," this person added. The priority is to maintain the momentum of manufacturing to boost employment and sustain domestic consumption, this person said. Perhaps due to the cumbersome process of claiming incentives under the PLI scheme, many beneficiaries are hesitant to come forward and claim their dues. As a result, as of June 2025, only ₹21,534 crore of the allocated ₹1.90 trillion had been disbursed, with companies producing just 37% of the targeted goods. The PLI schemes, covering sectors such as electronics, pharmaceuticals, food processing, and specialty steel, have attracted investments totaling ₹1.76 trillion and generated over 1.2 million direct and indirect jobs. The disbursement has been uneven across sectors. For instance, the electronics and pharmaceutical sectors received about 70% of the total incentives for FY25, amounting to ₹5,732 crore and ₹2,328 crore, respectively. In contrast, the telecom sector has seen a slower uptake, with only 21 out of 42 eligible firms receiving a total of ₹1,162 crore in incentives as of 31 March. As the government discusses a comprehensive policy reset to boost manufacturing and attract investment, it is also consulting export promotion councils and manufacturers to rework India's export strategy, according to a Mint report dated 2 August. This development follows a deadlock in the BTA negotiations between India and the US, which have been ongoing since June, Mint reported on 11 June. The new export plan focuses on diversifying into key markets where India has or is close to finalizing free trade agreements (FTAs), including the UK, with which India recently signed an FTA, and the European Union, where talks are in the final stages with a deal expected before year-end. Other target markets include the UAE, Australia, Japan, and South Korea, all of which have existing FTAs with India. 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Mint
26 minutes ago
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Split with US: Fallout worries top officials
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Indian Express
26 minutes ago
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‘Orderly shutdown': Air Canada to start cancelling flights ahead of flight attendants strike
Canada's largest airline Air Canada has said that it will start suspending flights on Thursday after the union representing its flight attendants said they would go on a 72-hour strike this weekend. Air Canada is preparing to lock out the flight attendants who voted to go on a strike. Air Canada informed that it will gradually suspend flight operations on Thursday which could see more cancellations on Friday, and a complete cessation of flying by Air Canada and Air Canada Rouge over the weekend, meaning an orderly shutdown by the company. To address ongoing labour uncertainty following strike notice by CUPE, Air Canada's flight attendant union, a lock out notice was issued to CUPE today, effective Aug. 16. We will begin implementing our contingency plan to gradually begin an orderly wind down of operations. — Air Canada (@AirCanada) August 13, 2025 According to Wesley Lesosky, president of the Air Canada Component of CUPE, 'For the past nine months, we have put forward solid, data-driven proposals on wages and unpaid work, all rooted in fairness and industry standards,' CNN reported. Lesosky further added, 'Air Canada's response to our proposals makes one thing clear: they are not interested in resolving these critical issues.' The airline responded with a 72-hour lockout notice and said that it had received a notice by CUPE which sought 'exorbitant increases' and that the union rejected an offer to enter third-party arbitration. The strike is set to start at 1am EST (5am GMT) on Saturday. Air Canada, which operated with 259 aircrafts in 64 countries, said that the strike by flight attendants is 'a major risk' to the company and its employees. A BBC report stated that 130,000 daily customers, including 25,000 Canadians are set to be affected due to travel disruptions amid peak summer travel period. In a post on X, Air Canada said 'To address ongoing labour uncertainty following strike notice by CUPE, Air Canada's flight attendant union, a lock out notice was issued to CUPE today, effective Aug. 16. We will begin implementing our contingency plan to gradually begin an orderly wind down of operations.'
