Oil set for weekly gain ahead of US-China trade talks
Oil prices rose today, poised for a weekly gain as trade tensions between top oil consumers China and the US showed signs of easing and Britain announced a "breakthrough" US trade deal.
Brent crude firmed by 83 cents, or 1.3%, to $63.27 a barrel this morning, while US West Texas Intermediate crude was up 85 cents, or 1.4%, at $60.76.
On the week, both contracts were up about 4%.
Hopes that the trade war between the US and China is cooling had helped Brent futures to jump by 3% yesterday, said PVM analyst John Evans.
US Treasury Secretary Scott Bessent will meet China's top economic official Vice Premier He Lifeng in Switzerland on May 10 to work towards resolving trade disputes that have threatened oil demand.
"If the two set a date to start formal trade negotiations and agree to ratchet down their current steep tariffs against each other while talks carry on, markets will get a breather and crude could stack on another $2 to $3 per barrel," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Chinese exports rose faster than expected in April while imports narrowed their decline, customs data showed today, giving Beijing some relief ahead of tariff talks.
The country's crude oil imports in April dipped from the previous month but were up 7.5% year on year, buoyed by stockpiling by state refiners during maintenance outages.
Separately, US President Donald Trump and British Prime Minister Keir Starmer announced that Britain had agreed to lower tariffs on US imports.
Elsewhere, the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, plan to increase output, maintaining pressure on oil prices.
A Reuters survey found that OPEC oil output edged lower in April as production declines in Libya, Venezuela and Iraq outweighed a scheduled increase in output.
Meanwhile, tighter US sanctions on Iran could restrict supply and push prices higher. The US this week imposed sanctions on a third small Chinese refinery for buying Iranian oil.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTÉ News
an hour ago
- RTÉ News
Israeli forces board aid boat bound for Gaza, Freedom Flotilla Coalition says
Israeli forces have boarded a charity vessel attempting to reach Gaza in defiance of an Israeli naval blockade, the Freedom Flotilla Coalition (FFC) said. The British-flagged yacht Madleen, operated by the pro-Palestinian FFC, had departed from Sicily on 6 June and had hoped to reach Gaza later in the day, when the interception occurred, the group said on its Telegram account. Among those on board the boat are Swedish climate activist Greta Thunberg and Rima Hassan, a French member of the European Parliament. The Israeli military had no immediate comment. Shortly before the FFC statement, the Israeli Foreign Ministry posted a video on X showing the Israeli Navy communicating with the Madleen over a loudspeaker, urging it to change course. "The maritime zone off the coast of Gaza is closed to naval traffic as part of a legal naval blockade," a soldier said. "If you wish to deliver humanitarian aid to the Gaza Strip, you are able to do so through the (Israeli) port of Ashdod." The yacht, with its 12-person crew, was carrying a symbolic shipment of humanitarian aid, including rice and baby formula. Israeli Defence Minister Israel Katz ordered the military to prevent the Madleen from reaching Gaza, calling the mission a propaganda effort in support of Hamas. Israel imposed a naval blockade on the coastal enclave after Hamas took control of Gaza in 2007. The blockade has remained in place through multiple conflicts, including the current war, which began after a Hamas-led assault on southern Israel on 7 October 2023, that killed more than 1,200 people, according to an Israeli tally. Gaza's health ministry says over 54,000 Palestinians have been killed since the start of Israel's military campaign. The United Nations has warned that most of Gaza's more than two million residents are facing famine.
Irish Independent
2 hours ago
- Irish Independent
‘Significant challenges' in use of AI within UK screen sector
Other issues highlighted by the British Film Institute (BFI) report include the safeguarding of human creative control, the fear of jobs being lost as positions are replaced through the use of AI, and investment in training in new skills. High energy consumption and carbon emissions, and the risks to creative content around biased data, are also described as being of concern. The report, which has been carried out in partnership with CoSTAR universities Goldsmiths, Loughborough and Edinburgh, analyses how the screen sector is using and experimenting with rapidly evolving generative AI technologies. It warned that the 'primary issue' was the use of copyrighted material – such as hundreds of thousands of film and TV scripts – in the training of generative AI models, without payment or the permission of rights-holders. 'This practice threatens the fundamental economics of the screen sector if it devalues intellectual property creation and squeezes out original creators,' the report said. But it added that the UK's strong foundation in creative technology – as it is home to more than 13,000 creative technology companies – means that the UK screen sector is well positioned to adapt to the technological shift. The report – titled AI in the Screen Sector: Perspectives and Paths Forward – said generative AI promises to democratise and revolutionise the industry, with the BBC, for example, piloting AI initiatives. Meanwhile, projects such as the Charismatic consortium, which is backed by Channel 4 and Aardman Animations, aim to make AI tools accessible to creators regardless of their budget or experience. It said this could empower a new wave of British creators to produce high-quality content with modest resources, though concerns about copyright and ethical use remain significant barriers to full adoption. The report sets out nine key recommendations it suggests should be addressed within the next three years to enable the UK screen sector to thrive in using AI. ADVERTISEMENT These include establishing the UK as a world-leading market of IP licensing for AI training, and embedding sustainability standards to reduce AI's carbon footprint. It also calls for structures and interventions to pool knowledge, develop workforce skills and target investments in the UK's creative technology sector, while it urges support for independent creators through accessible tools, funding and ethical AI products. The BFI's director of research and innovation, Rishi Coupland, said: 'AI has long been an established part of the screen sector's creative toolkit, most recently seen in the post-production of the Oscar-winning The Brutalist, and its rapid advancement is attracting multimillion investments in technology innovator applications. 'However, our report comes at a critical time and shows how generative AI presents an inflection point for the sector and, as a sector, we need to act quickly on a number of key strategic fronts. 'Whilst it offers significant opportunities for the screen sector such as speeding up production workflows, democratising content creation and empowering new voices, it could also erode traditional business models, displace skilled workers, and undermine public trust in screen content. 'The report's recommendations provide a roadmap to how we can ensure that the UK's world-leading film, TV, video games and VFX industries continue to thrive by making best use of AI technologies to bring their creativity, innovations and storytelling to screens around the globe.' Professor Jonny Freeman, director of CoSTAR Foresight Lab, said: 'This latest CoSTAR Foresight Lab report, prepared by the BFI, navigates the complex landscape of AI in the screen sector by carefully weighing both its transformative opportunities and the significant challenges it presents. 'The report acknowledges that while AI offers powerful tools to enhance creativity, efficiency, and competitiveness across every stage of the production workflow – from script development and pre-production planning, through on-set production, to post-production and distribution – it also raises urgent questions around skills, workforce adaptation, ethics, and sector sustainability.' CoSTAR is a £75.6 million national network of laboratories that are developing new technology to maintain the UK's world-leading position in gaming, TV, film, performance, and digital entertainment. Last month stars including Sir Elton John, Sir Paul McCartney and Sir Ian McKellen, wrote a joint letter to Sir Keir Starmer, urging the Prime Minister to introduce safeguards against work being plundered for free.
The Irish Sun
5 hours ago
- The Irish Sun
UK's ‘outrageous' migrant hotel bill revealed & it takes every penny in tax from all people in city as big as MANCHESTER
BRITAIN'S £4.7billion annual bill to keep migrants in hotels and look after them takes every penny of tax from 582,000 workers. The shocking new statistic is equivalent to every grafter in Manchester stumping up for asylum seekers through their pay packet. Advertisement 4 Britain's £4.7billion annual bill to keep migrants in hotels and look after them takes every penny of tax from 582,000 workers 4 The shocking new statistic is equivalent to every grafter in Manchester stumping up for asylum seekers through their pay packet Credit: Getty 4 Jamie Jenkins, who did the research, said: 'This isn't just unsustainable. It's outrageous' Credit: PA Jamie Jenkins, who did the research, said: 'This isn't just unsustainable. It's outrageous. "A government that borrows billions each year, can't control borders, and taxes its citizens to pay for hotel rooms and housing for people who've just arrived is not working for the British public. 'It's time for a system that protects the people who pay in. That rewards contribution. That puts citizens first." Latest figures show there were 32,345 asylum seekers staying in up to 220 hotel. Advertisement Read More on UK News It costs £41,000 a year to house each, up from £17,000 in 2020. Ex-Office for National Statistics analyst Mr Jenkins found the average UK salary was £38,224. Each worker pays income tax and National Insurance contributions of £8,081. So 582,000's entire tax bills go on housing migrants — equal to the working population of Manchester. And it is significantly larger than the employed populations of Nottingham, Sheffield and Leeds. Advertisement Most read in The Sun The total is also higher than the tax contributions of every UK mechanic and HGV driver combined. A total £4.7billion went on asylum support in 2023-24 — £3.1billion on accomodation. 13 migrants jumped from the back of a lorry at a Sainsbury's distribution centre in South East London The rest went on grants to local authorities, running sites like the disused Bibby Stockholm barge in Dorset, plus £49-a-week subsistence allowance. The £4.7billion total was up from 2022-23's £3.6bn. Advertisement Nearly French cops, given £480million of UK taxpayer cash, are failing to intercept them. 4 Nearly 15,000 people have crossed to Dover in 2025, up 42 per cent on this time year Credit: AFP
