Oil prices tick up amid US-EU trade deal
Brent crude futures rose 22 cents, or 0.32%, to $68.66 a barrel, while US West Texas Intermediate (WTI) crude climbed 22 cents, or 0.34%, to $65.38 a barrel, according to Reuters data.
Trade Deal Boosts Markets
Tony Sycamore, an analyst at IG Markets, said the US-EU trade agreement and the potential extension of US-China tariff suspensions contributed to supporting global financial markets and oil prices.
The trade agreement, finalized between the US and the EU on Sunday, included a 15% tariff on most EU goods, half the rate the US had previously threatened. The deal effectively averted a potential trade war between two major economic allies.
Potential Truce with China
In a related development, top negotiators from the US and China are scheduled to meet Monday in Stockholm in an effort to extend a trade truce between the two countries. This truce has so far prevented higher tariffs ahead of an Aug. 12 deadline.
Oil Markets Stabilize
Last week, oil prices stabilized at three-week lows amid escalating global trade concerns and increased supplies from Venezuela. Despite Monday's slight rise in oil prices, expectations that the OPEC+ alliance might ease production restrictions limited gains.
The OPEC+ Joint Ministerial Monitoring Committee is scheduled to meet at 12:00 GMT today. Expectations are that the committee will not recommend changing current plans, which call for increasing production by 548,000 barrels per day in August.
Meanwhile, the OPEC+ alliance is keen to regain market share, with seasonal summer demand supporting the absorption of additional crude quantities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Bawaba
a day ago
- Al Bawaba
LG Channels Grows News Viewership Through Enhanced User Experience
LG Electronics (LG) is advancing LG Channels viewership growth across the world, thanks to its intuitive user interface and growing variety of content. As part of this effort, LG is partnering with leading broadcasters and news organizations across multiple regions to add more news streams to the platform, making them both relevant to local audiences and easier to access and this month, LG Channels news content can also be accessed directly from the home screen via newly introduced News Portal. Rolled out via Q-Card in the U.S., Mexico, Brazil, the U.K. and Germany on TVs running webOS 25, this feature is expected to expand to more platforms later this year – supporting further news consumption growth, thanks to the company's free ad-supported streaming TV (FAST) the U.S., LG Smart TV users can access a wide array of news channels through LG Channels News Hub, a curated source for free, ad-supported news channels. The News Hub is made possible through partnerships with multiple leading national and local broadcasters whose channels are available in the News Hub, including NBCUniversal, Disney, FOX Television Stations, Bloomberg Media, Warner Bros. Discovery, Allen Media Group's Local Now, E.W. Scripps, Sinclair Broadcast Group and others. In addition, users can still access news channels through the Electronic Program Guide (EPG) on their LG Smart Channels also provides localized content from Local Now channels, Allen Media Group's free news streaming service, which delivers over 220 local channels in every U.S. ZIP its offerings for Spanish-speaking viewers, LG collaborated with NBCUniversal News Group earlier this year to introduce Telemundo Station Group's 24/7 streaming news channels. These channels – Telemundo Noticias California, Telemundo Noticias Texas, Telemundo Noticias Florida and Telemundo Noticias Noreste – deliver regional news partnerships have been a key driver of the double-digit linear growth the LG Channels service has seen in the US, year-over-year. LG's efforts to strengthen regional news access through LG Channels were recognized in June 2025 with the Award for Achievement in Local Broadcasting at the ITVT/TVOT 21st Annual Awards for Leadership in Interactive and Multiplatform Television. This honor underscores the company's commitment to advancing news content delivery through partnerships with trusted local broadcasters.'Our goal with LG Channels has always been to make high-quality, relevant content accessible to everyone,' said Chris Jo, head of the webOS Platform Business Center at the LG Media Entertainment Solution Company. 'By working with trusted news providers and powerful broadcasters across regions and continuously improving how users discover and access content, we are making local and national news more approachable, timely and meaningful within everyday viewing.'LG Channels viewing time has increased in Mexico and Brazil as local news content becomes more available. In Mexico, major local broadcasters TV Azteca, Multimedios and Grupo Imagen joined LG Channels this year, strengthening its local news lineup. TV Azteca's FIA has emerged as the most-watched channel among the 190 channels available on LG Channels in Mexico, underscoring strong demand for quality local news. These additions have driven a 95 percent year-over-year increase in viewing hours in Brazil, LG Channels has expanded local news offerings with the launch of New Brasil in partnership with Grupo Bandeirantes – one of the country's leading broadcasters – CNN Brasil, and Times Brasil – Licenciado Exclusivo CNBC. Since these launches, the platform's viewing hours in Brazil have increased by more than 40 percent, with CNN Brasil the also continues to expand the availability of local news content on LG Channels across Europe. In markets like the U.K. and France, news partnerships have driven strong month-over-month growth, with double-digit increases in viewership. Currently, over 100 news channels including BFM TV (France), GB News (UK), CNN International (UK, Germany, Austria and Switzerland), CNN Headlines (available in 16 European countries), Bloomberg Television (UK), Euronews IN DIRETTA (Italy) and CNN en Español (Spain) are available, with more channels, such as France 24, scheduled to launch Spain, LG Channels has added content through a landmark partnership with RTVE, the national public broadcaster. Viewers can now enjoy RTVE's premium content for free, including flagship channels La 1, La 2 and Canal 24 Horas (24H) – the latter being a trusted source for real-time national and international local news content is increasing viewing time across other regions as well. In Australia, the addition of Sky News Australia, a leading national news network with a loyal viewership, has boosted engagement significantly. In Korea, local news from major outlets such as TV Chosun, JTBC, MBN, Channel A and YTN consistently garner the most viewing time among the 130 channels available on LG Channels. In India, LG Channels offers a wide selection of FAST news channels to meet local demand for timely, diverse information. As of June 2025, news accounts for over 40 percent of all viewing time, with news channels dominating the platform's top 10. LG Channels features over 40 news channels in eight regional languages. Among these, Aaj Tak is the most-watched nationwide, with other major Hindi-language channels including India TV, Republic Bharat, TV9 Bharatvarsh and NDTV India.
Jordan News
2 days ago
- Jordan News
Dollar Continues to Decline Amid Concerns Over U.S. Economy - Jordan News
Dollar Continues to Decline Amid Concerns Over U.S. Economy The U.S. dollar continued its decline against major currencies on Thursday, as expectations grew that the Federal Reserve would cut interest rates and concerns mounted over the influence of partisan politics on key American institutions. اضافة اعلان Markets are now anticipating the release of initial jobless claims data, following last week's disappointing non-farm payroll figures that weighed heavily on the dollar. Meanwhile, the euro received a boost ahead of anticipated talks next week aimed at ending the war between Russia and Ukraine. The British pound remained steady ahead of the Bank of England's monetary policy announcement, with markets widely expecting another interest rate cut. Last week, President Donald Trump dismissed the official responsible for labor data, which he disapproved of. Attention has now shifted to his nominations to fill an upcoming vacancy on the Federal Reserve Board of Governors, as well as candidates for the next Fed Chair. 'All of this points to increasing political risks surrounding the U.S. dollar,' said Tony Sycamore, market analyst at IG. 'And on top of that, we have weak data coming in.' He added that any progress toward ending the war in Ukraine 'would be a positive driver for the euro.' The U.S. dollar index, which measures the currency's performance against a basket of six major counterparts, held steady at 98.133 after falling 0.6% in the previous session. The greenback was little changed against the Japanese yen, trading at 147.35 yen. The euro rose 0.1% to $1.1671.
Jordan Times
3 days ago
- Jordan Times
Higher US tariffs kick in for dozens of trading partners
WASHINGTON - The United States began charging higher tariffs on dozens of trading partners Thursday, in a major escalation of President Donald Trump's drive to reshape global commerce in America's favor. Shortly before the new levies kicked in, the United States separately announced it would double tariffs on India to 50 percent and hit many semiconductor imports from around the world with a 100-percent levy. As an executive order signed last week by Trump took effect, US duties rose from 10 percent to levels between 15 per cent and 41 per cent for a list of trading partners. Many imports from economies including the European Union, Japan and South Korea now face a 15-per cent tariff, even with deals struck with Washington to avert steeper threatened levies. But others like India face a 25-per cent duty -- to be doubled in three weeks to 50 per cent -- while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 per cent. Switzerland's government, which failed to convince Trump not to impose a stinging 39-percent tariff, was set to hold an extraordinary meeting later Thursday. Taking to his Truth Social platform just after midnight, Trump posted: "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" The latest wave of "reciprocal" duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency. 'No charge' On the eve of his latest salvo, he doubled planned duties on Indian goods to 50 per cent, citing New Delhi's continued purchase of Russian oil. The new levy -- up from 25 per cent now -- would take effect in three weeks. The Federation of Indian Export Organisations called the move a "severe setback for Indian exports, with nearly 55 per cent of our shipments to the US market directly affected." Trump's order also threatened penalties on other countries that "directly or indirectly" import Russian oil, a key revenue source for Moscow's war in Ukraine. Washington has already separately stuck tariffs on sector-specific imports such as steel, autos, pharmaceuticals and chips. Trump said Wednesday he also planned an "approximately 100 per cent tariff" on semiconductor imports, but with "no charge" for companies investing in the United States or committed to do so. Shares in Taiwanese chip-making giant TSMC surged as Taipei said it would be exempt, but some other Asian manufacturers took a beating. Companies and industry groups warn that the new levies will severely hurt smaller American businesses, while economists caution that they could fuel inflation and weigh on growth in the longer haul. With the dust settling on countries' tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers. 'This will matter' An earlier 90-day pause in these higher "reciprocal" tariffs gave importers time to stock up, he said. But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP. "With back-to-school shopping just weeks away, this will matter politically," said Busch, an international trade policy expert. The tariff leaves lingering questions for partners that have negotiated deals with Trump recently. Tokyo and Washington, for example, appear at odds over key details of their trade pact, in particular on when lower levies on Japanese cars will take place. Generally, US auto imports now face a 25-per cent duty under a sector-specific order. Toyota has cut its full-year profit forecast by 14 per cent because of the tariffs. Japan and the United States also appear to differ on whether the "reciprocal" tariffs of 15 per cent on other Japanese goods would be on top of existing levies or -- like the EU -- be capped at that level. China and the United States meanwhile currently have a shaky truce in their trade war but that is due to expire on August 12. Chinese exports to the United States tumbled 21.7 per cent last month, official data showed on Wednesday, while those to the European Union jumped 9.2 per cent and to Southeast Asia by 16.6 per cent. New fronts Meanwhile, the EU is seeking a carveout from tariffs for its key wine industry. In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector's exclusion from tolls, saying: "Wine sales account for up to 60 percent of gross margins of full-service restaurants." Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup. US tariffs on various Brazilian goods surged from 10 per cent to 50 per cent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit.
