Crude holds strong amid OPEC+ hike
This recent bearish trend reflects mounting fears of a potential supply surplus due to OPEC+'s decision to increase output, even as uncertainties persist over Russian oil flows.OPEC+ agreed to raise production by 547,000 barrels per day in September, reversing the 2.2 million bpd cut implemented by eight member states in 2023.
This move has added downward pressure on prices amid heightened geopolitical tensions.
Meanwhile, President Donald Trump announced plans to significantly increase tariffs on Indian exports, citing India's continued purchases of Russian oil, a proposal that would raise tariffs above the current 25% and further strain global trade relations, contributing to oil market volatility.
Nevertheless, seasonal summer demand continues to lend short-term support.
Technically, WTI crude is testing a key upward trendline, with a decisive close below this level potentially opening the way for further declines toward the 100-day SMA at $64.40. If support holds, a rebound toward the 21-day SMA at $66.30 is possible.
Brent faces resistance near its 21-day SMA at $69, with support at the 100-day SMA around $67.35. These technical levels will be pivotal for determining the near-term direction, but overall, crude oil may remain under pressure for now.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
2 hours ago
- Times of Oman
"Why is he not pressing down on China with same intensity?" Foreign Affairs Expert as Trump threatens to raise tariffs on India over Russian oil
New Delhi: Foreign Affairs Expert Robinder Sachdev questioned why the United States President Donald Trump is not "pressing down" on China with the "same intensity" as on India and noted that China is also buying Russian oil to the same extent. On US President Trump saying he will substantially raise tariffs on India over Russian oil purchases, Robinder Sachdev told ANI, "Coming to the fact that he (Donald Trump) is repeatedly mentioning and with increasing frequency about India and our purchases of Russian oil, this topic has come into his radar and is in its crosshairs." He also noted that all countries are experiencing this "Trump policy" and said that India will "adjust" to it. "So it is highly possible that Trump could go ahead with the sanctions on India. As of now, it's already 25% which is also pretty high, but such is the case with all countries in the world, be it Japan, Switzerland or the European Union. All countries are facing this Trump policy. So we will adjust to it. But the point is that if the US enhances the tariffs for buying Russian oil, it can be anything." Sachdev commented on the impact 25 per cent tariff on India "Trump can say 25%, 50%...If they are pressing down on India, why is he not pressing down on China with the same intensity? We are not hearing anything from him about China. China is also buying Russian oil to the same a purely economic basis, if 25% tariffs are imposed upon us, India stands to lose exports to the tune of anywhere between 20-30 billion dollars..." The Global Trade Research Initiative (GTRI) noted that "China--not India--is the largest buyer of Russian oil. In 2024, China imported $62.6 billion worth of Russian oil, compared to India's $52.7 billion. But Mr. Trump appears unwilling to criticize China, perhaps because of geopolitical calculations, and instead targets India unfairly," said Founder Ajay Srivastava. In a latest statement by US President Donald Trump on Monday, he said that the United States will "substantially raise" the tariff paid by India for buying "massive amounts of Russian Oil", stating that much of the oil purchased from Moscow is being sold in the open market "for big profits". Trump wrote on Truth Social, "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!"India has defended its sovereign right to conduct energy policy based on national interest. The Ministry of External Affairs (MEA) on Monday came out strongly in defence of the country's decision to import oil from Russia, despite criticism from the United States and European Union. According to the MEA, India's imports from Russia are driven by necessity and aimed at ensuring predictable and affordable energy costs for Indian consumers. The MEA described the criticism of India's trade policy as "unjustified and unreasonable," asserting that India will take necessary measures to safeguard its national interests and economic security.
Observer
9 hours ago
- Observer
Suwaiq Port cargo volume nears 400K tonnes in H1 2025
Al SUWAIQ: Suwaiq Port in Al Batinah North Governorate recorded significant growth in cargo traffic during the first half of 2025, handling a total of 399,615 tonnes — up from 374,168 tonnes during the same period last year. The number of vessels received also increased, with 429 ships docking at the port compared to 408 in the first half of 2024. However, the volume of dry bulk cargo declined to 243,359 tonnes from 286,278 tonnes a year earlier. In contrast, the handling of foodstuffs — including vegetables, fruits and other consumer goods — rose to 54,401 tonnes, up from 47,291 tonnes in the same period of 2024. Engineer Samir bin Ghulam al Balushi, Director of Suwaiq Port, said that the increase in overall traffic reflects operational improvements across the facility. These include enhanced unloading and loading efficiencies, upgraded handling procedures and the deployment of modern cargo equipment, such as high-capacity cranes, which have helped accelerate throughput. He highlighted that food, vegetables, fruits and livestock remain key commodities handled at the port, alongside construction materials, machinery and general cargo. Engineer Samir bin Ghulam al Balushi, Director of Suwaiq Port. Development works are under way to boost operational efficiency, including the reorganisation of internal yards, upgrades to security and inspection systems; and enhancements to electronic operating platforms. Al Balushi confirmed that preliminary studies for the port's expansion project are nearly complete, with administrative processes currently being finalised to begin implementation. The project is intended to align with Suwaiq Port's growth trajectory and support future demand. Suwaiq Port is designed to handle small and medium-sized vessels with capacities of up to 10,000 tonnes. Strategically located between Muscat and Suhar; and in close proximity to Khazaen Dry Port, it serves as a critical logistics corridor for regional trade and distribution. The port facilitates the movement of goods and food products to both local and regional markets, as well as international markets in the Indian subcontinent and the Horn of Africa. Through its ports and free zones, Asyad Group continues to work on strengthening Suwaiq Port's capabilities, enhancing service quality and boosting marketing efforts locally and abroad. These efforts are part of the group's broader strategy to deliver integrated logistics solutions and embed Al Suwaiq within the national and global logistics network, in line with the objectives of Oman Vision 2040. — ONA
Observer
9 hours ago
- Observer
Some US travellers to pay bonds up to $15,000
WASHINGTON: The US could require bonds of up to $15,000 for some tourist and business visas under a pilot programme launching in two weeks, a government notice said on Monday, an effort that aims to crack down on visitors who overstay their visas. The programme gives US consular officers the discretion to impose bonds on visitors from countries with high rates of visa overstays, according to a Federal Register notice. Bonds could also be applied to people coming from countries where screening and vetting information is deemed insufficient, the notice said. President Donald Trump has made cracking down on illegal immigration a focus of his presidency, boosting resources to secure the border and arresting people in the US illegally. He issued a travel ban in June that fully or partially blocks citizens of 19 nations from entering the US on national security grounds. Trump's immigration policies have led some visitors to skip travel to the United States. Transatlantic airfares dropped to rates last seen before the COVID-19 pandemic in May and travel from Canada and Mexico to the US fell by 20 per cent year-over-year. Effective August 20, the new visa programme will last for approximately a year, the government notice said. Consular officers will have three options for visa applicants subjected to the bonds: $5,000, $10,000 or $15,000, but will generally be expected to require at least $10,000, it said. The funds will be returned to travelers if they depart in accordance with the terms of their visas, the notice said. A similar pilot programme was launched in November 2020 during the last months of Trump's first term in office, but it was not fully implemented due to the drop in global travel associated with the pandemic, the notice said. A State Department spokesperson listed the criteria that will be used to identify the countries that will be affected, adding that the country list may be updated. 'Countries will be identified based on high overstay rates, screening and vetting deficiencies, concerns regarding acquisition of citizenship by investment without a residency requirement, and foreign policy considerations,' the spokesperson said. The State Department was unable to estimate the number of visa applicants who could be affected by the change. Many of the countries targeted by Trump's travel ban also have high rates of visa overstays, including Chad, Eritrea, Haiti, Myanmar and Yemen. US Travel Association, which represents major tourism-related companies, estimated the 'scope of the visa bond pilot programme appears to be limited, with an estimated 2,000 applicants affected, most likely from only a few countries with relatively low travel volume to the United States.' — Reuters
