Oil prices little changed after US-Japan trade deal
Brent crude futures were down 12 cents, or 0.2%, at $68.47 a barrel as of 0907 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $65.17 per barrel.
Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline.
U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan.
"The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
China's commerce minister and the European Union's trade chief had a "candid and in-depth" discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday.
Separately, U.S. crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added.
"This will offer some relief to the middle distillate market, which has been looking increasingly tight," ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year.
In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine.
The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
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Telegraph
a few seconds ago
- Telegraph
Extra-virgin olive oil is now a cult essential – here's how to get the best value from it
Food prices may be rising, but we're happy to splash our cash on fancy olive oil. 'Extra virgin olive oil is now a cultural marker of taste,' says Octavia Pendrill-Adams, head of brand at the online independent food and drink retailer Delli, which sells bottles for up to £25 per 500ml. Delli has reported a massive 515 per cent increase in sales over the past 12 months – but it's not just niche sellers seeing a spike; Waitrose has also reported a 13 per cent rise in sales of extra virgin olive oil (or Evoo for short). As with many food trends, it has its celebrity makers (hello, Sting), celebrity endorsements (hello, Gwyneth), documented health benefits – and bottles that look great on kitchen shelves and social media alike: TikTok searches for 'best olive oil' have amassed over 21.4 million posts. But Elinor Griffin, oils buyer at Waitrose, attributes the rising popularity of Evoo to more than just looks. She points to its versatility in cooking, its appeal as a gift (being vegan, gluten-free and non-alcoholic, yet still premium) and its ethics: 'Premium, pretty and, crucially, ethical brands such as Belazu and Citizens of Soil have made [extra virgin olive oil] a status symbol for our pantries.' Skip to: Eight ways to make the most of extra virgin olive oil Having splurged on a bottle (which might cost anywhere from £10 to £30), don't just leave it sitting on the shelf looking chic. The following ideas prove that 'you can do everything with extra virgin olive oil,' says Tony Papas, founder of Puglia producer Trulli Ulivi – even deep frying. Treat it like seasoning 'You can spend ages choosing a really nice piece of meat, some beautiful vegetables, something you're genuinely excited to cook, and then put a poor-quality oil on it. It's just a bit of a shame,' says Katia El-Fakhri, co-founder of Glug, which uses olives from groves in Jaén, Spain, to make its Evoo. Instead, she suggests drizzling or dripping 'something that enhances all of those lovely ingredients,' tasting as you go to judge the balance, just as you would with salt, pepper, lemon juice or vinegar. Drizzle it over ice cream Try a trickle of Evoo over chocolate sorbet or vanilla ice cream (soft-serve if you fancy) – a delicious combination that was demonstrated at the Citizens of Soil Olive Oil Clubhouse, a two-week pop up in Notting Hill, this summer. Bake a cake with it 'Extra virgin olive oil goes beautifully with chocolate cake,' suggests Papas. 'You can often substitute butter for olive oil, and chocolate – because it's lovely and silky and has a strong flavour – can handle bitterness, which good extra virgin olive oil should have.' Add it to coffee 'Add a few drops to your coffee, whether you take it black or white,' Papas also recommends. 'In my case I add a tablespoon, but taste it and see what works for you.' Use it in cocktails At The Bar Below at Hide restaurant in London, the popular Hide Gin Martini is fat-washed with olive oil to enhance its flavour profile. To recreate it, blend vodka or gin with Evoo, freeze the mixture, lift off the separated fat to reuse, then make a martini or similar cocktail with the infused spirit. Deep fry with it 'You can use it over and over, so deep fry with it,' says Papas. Make sure the oil doesn't reach smoking temperature, and afterwards, 'strain it off and keep it in a jar. I'll use that oil again until it loses its smell and then it's done.' Geek out with it 'If you want to get a bit geeky, get three small bottles,' says Sarah Vachon, founder of Citizens of Soil, which runs an Evoo subscription service and sources oils from Greece and Spain to Sicily and South Africa. 'A run-of-the-mill version, perhaps from a later harvest, for cooking, and two 'finishing' oils. One should be quite delicate, to drizzle over desserts and salads. The other should be strong and intense, to use almost like a sauce on pasta.' Be liberal with it 'Where the olives for extra virgin olive oil are grown, it's used liberally,' says Woodgate. 'Be generous with it. It's not a pretentious ingredient – it's an easy, everyday staple that brings fantastic flavour to whatever you're cooking.' What makes olive oil 'extra virgin'? Extra virgin olive oil is simply the first cold pressing of olives, which must be done mechanically – for example, through a centrifuge – rather than using heat or chemical solvents. 'It also legally needs to be under 0.8 per cent acidity,' explains Tom Woodgate from Honest Toil, which produces Evoo from small farms in Kyparissia, Greece. 'That's an indication the olives were pressed when they were very fresh.' Later-season olives, overripe fruit or those with defects all increase the acidity. But a harvest date is key, according to El-Fakhri. 'The freshness of the oil is important, as both flavour and health benefits diminish over time. So any olive oil worth using, especially if you're going to spend proper money on it, should have a harvest date on the label.' The flavour profiles of extra virgin olive oil As with wine, region and olive variety make a difference to flavour. 'You certainly can't make a judgment by country,' says Vachon. 'The two biggest varieties that come out of Spain, for example, are night-and-day different.' Still, there are some broad rules of thumb: Andalusian olive oils made with Picual and Hojiblanca olives are fruity, bold and peppery. Catalonian Arbequina olive oils are mild, buttery and nutty. Tuscan oils, often made with Frantoio or Moraiolo olives, tend to be robust, bitter and grassy, whereas in Liguria you can expect delicate, fruity and sweet Taggiasca oils. Greek oils, typically made from Koroneiki olives, are intensely fruity, aromatic and well-balanced. But, says Woodgate, 'the nuances are endless,' and this is where small-batch bottlings really come into their own. 'You can have the same age tree, but if one's slightly closer to the sea, the olives taste different. If the soil is rocky, the oil will be slightly more bitter. The guy who runs our press thinks you can taste in the oil how far apart the trees are spaced. The variation is endless.' How to taste extra virgin olive oil 'Three things are the holy trinity of high-quality oil: a fruity nose or a smell of plants, bitterness on the palate and a pepperiness as you swallow,' says Vachon. 'When you spend money on a nice bottle, pour it into something you can nose in,' she advises. 'Put your hand over the top, swirl it around to warm it up, then have a smell. That first aroma will open the door to what this oil is. Then take a teaspoonful on your tongue, press your tongue to the roof of your mouth and aerate, like you might with wine. Olive oil isn't just about smell or taste, it's a sensation. That's what you're feeling for.' Try these
Reuters
28 minutes ago
- Reuters
Oil little changed after OPEC+ proceeds with September output hike
SINGAPORE, Aug 4 (Reuters) - Oil prices edged higher on Monday, paring earlier losses, as traders expect the market to absorb another large output hike by OPEC+ in September, while worries about disruptions to Russian oil shipments to major importer India also provided support. Brent crude futures climbed 11 cents, or 0.16%, to $69.78 a barrel by 0647 GMT, and U.S. West Texas Intermediate crude was at $67.52 a barrel, up 19 cents, or 0.28%. Both contracts closed about $2 a barrel lower on Friday. The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share. It cited a healthy economy and low stockpiles as reasons behind its decision. The move, in line with market expectations, marks a full and early reversal of OPEC+'s largest tranche of output cuts, plus a separate increase in output for the United Arab Emirates, amounting to about 2.5 million bpd, or about 2.4% of world demand. "This additional production appears to have little impact because it was so well flagged ahead of time," said Michael McCarthy, chief executive officer of online trading platform Moomoo Australia. It appeared that traders focused on the comments from state OPEC producers that previous additions were easily absorbed, particularly across Asia, he said. Analysts at Goldman Sachs expect that the actual increase in supply from the eight OPEC+ countries that have raised output since March will be 1.7 million bpd, because other members of the group have cut output after previously overproducing. Still, investors remain wary of further U.S. sanctions on Iran and Russia that could disrupt supplies. U.S. President Donald Trump has threatened to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Moscow into halting its war in Ukraine. At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said on Friday and LSEG trade flows showed. This puts about 1.7 million bpd of crude supply at risk if Indian refiners stop buying Russian oil, ING analysts led by Warren Patterson said in a note. This would potentially erase the expected surplus through the fourth quarter and 2026 and provide OPEC+ the opportunity to start unwinding the next tranche of supply cuts totalling 1.66 million bpd, they added. However, two Indian government sources told Reuters on Saturday the country will keep purchasing oil from Russia despite Trump's threats. Concerns about U.S. tariffs impacting global economic growth and fuel consumption are also hanging over the market, especially after U.S. economic data on jobs growth on Friday was below expectations. U.S. Trade Representative Jamieson Greer said on Sunday that the tariffs imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations.
Reuters
31 minutes ago
- Reuters
Lloyds keeps motor finance provision under review after Supreme Court ruling
LONDON, Aug 4 (Reuters) - Lloyds Banking Group (LLOY.L), opens new tab said on Monday it would keep its 1.2 billion pound ($1.6 billion) provision for motor finance claims under review, after a Supreme Court ruling last week went largely in favour of banks but still left them facing millions of potential compensation claims. "The Group currently believes that if there is any change to the provision it is unlikely to be material in the context of the group," the bank said in a statement. "The provision will continue to be reviewed for any further information that becomes available, with an update provided as and when necessary." Britain's Financial Conduct Authority (FCA) said on Sunday it would consult on a redress scheme for motorists claiming to have been overcharged, estimating the total bill could hit between 9 billion and 18 billion pounds ($12-24 billion). The cost is likely to be substantially lower than early analyst estimates of more than 30 billion pounds, after the Supreme Court on Friday overturned an earlier Court of Appeal judgment that had widened the scope of valid claims. Banking analysts at RBC said in a note that they expected the cost to come in at 11.5 billion pounds, but that scenario would still leave several banks under-provisioned and potentially needing to set aside more cash. Close Brothers, which had previously set aside 165 million pounds, also provided no update to its provision in a statement on Monday and said it looked forward to engaging with the FCA on its consultation. ($1 = 0.7534 pounds)
