Oil settles flat ahead of US-Russia talks
Brent crude futures settled up 4 cents, or 0.06 per cent, at US$66.63 a barrel. US West Texas Intermediate crude futures settled up 8 cents, or 0.13 per cent, at US$63.96.
US President Donald Trump said on Friday he would meet Russian President Vladimir Putin on Aug 15 in Alaska to negotiate an end to the war in Ukraine. The talks follow increased US pressure on Russia, raising the prospect of tighter penalties on Moscow if a peace deal is not reached.
Trump said on Monday both Ukraine and Russia would have to cede land to each other to end the war and that his talks with Putin would be aimed at taking the temperature on a possible deal.
'The recent sell-off in crude has paused as markets await Friday's high-stakes meeting,' StoneX analyst Alex Hodes said in a note on Monday.
Trump set a deadline of last Friday for Russia, which invaded Ukraine in February 2022, to agree to peace or have its oil buyers face secondary sanctions. At the same time, Washington is pressing India to reduce purchases of Russian oil.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
Oil prices have fallen in recent days as market participants lowered supply disruption estimates, probably because the US imposed an extra tariff only on India rather than all buyers of Russian oil, said UBS analyst Giovanni Staunovo.
UBS has lowered its year-end Brent crude forecast to US$62 a barrel from US$68, citing higher supply from South America and resilient output from sanctioned countries.
Indian demand had fallen short of expectations of late, the bank said, adding it expected Opec+ to pause its production increases unless larger unexpected supply disruptions emerge.
Opec's oil output rose further in July after an Opec+ agreement to raise production, a Reuters survey found on Friday, although the hike was limited by Iraq making additional cuts and by drone attacks on Kurdish oilfields.
'The balance right now is between Opec not raising production as much as anticipated versus the possibility that there will be a Ukraine ceasefire deal, and Russian oil might start to flow freely. That balance has oil bouncing around like a yo-yo right now,' said Phil Flynn, a senior analyst with Price Futures Group.
Elsewhere, an Exxon Mobil-led consortium began crude production four months earlier than expected at a fourth floating production, storage and offloading vessel in Guyana, Exxon said on Friday.
Separately, data from the National Bureau of Statistics on Saturday showed China's producer prices fell more than expected in July. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
28 minutes ago
- Straits Times
Goh Cheng Liang, Nippon Paint billionaire and Singapore's richest man, dies aged 98
Sign up now: Get ST's newsletters delivered to your inbox Mr Goh Cheng Liang held a majority stake in Japan's Nippon Paint Holdings and had an estimated net worth of US$13 billion (S$16.7 billion), according to Forbes. SINGAPORE – Mr Goh Cheng Liang, Singapore's richest man according to Forbes' annual list of global billionaires in 2025, died at the age of 98 on Aug 12. The founder of paint and coatings company Wuthelam Group 'passed away this morning with family members by his side', according to a media release. Mr Goh held a majority stake in Japan's Nippon Paint Holdings and had an estimated net worth of US$13 billion (S$16.7 billion), according to Forbes. He grew up in a shophouse in River Valley Road with his parents and four siblings. In 1949, Mr Goh launched his Pigeon Brand paint business, which later evolved into a partnership with Nippon Paint, the world's fourth-largest paint maker. He founded Wuthelam Holdings in 1974 and built it into a global conglomerate. Wuthelam Group currently owns nearly 60 per cent of Nippon Paint Holdings. The family's other ventures have included the former Liang Court and Mount Elizabeth Hospital, both of which Mr Goh developed and later sold. Top stories Swipe. Select. Stay informed. Business Singapore raises 2025 economic growth forecast but warns of uncertainty from US tariffs Singapore Circle Line to end early most Fridays and Saturdays, start late most weekends from Sept 5 to Dec 28 Business StarHub buys rest of MyRepublic's broadband business in $105m deal; comes after Simba buys M1 Singapore Telco price undercutting expected to subside after sale of M1 to Simba: Analysts World After tariff truce extended, a Trump-Xi summit in China? Asia Death of student in Sabah raises hurdle for Malaysian PM Anwar as he faces tough state polls soon Opinion Sumiko at 61: Hearing loss is linked to dementia risk. Here's what you risk by ignoring it Opinion For Singapore, the AI revolution is coming just in time Mr Goh's eldest son, Mr Goh Hup Jin, said in a statement on Aug 12 that his father was 'a beacon of kindness and strength'. 'We are very fortunate to have had him show us how to be a good person – he taught us to live life with compassion and humility,' he said. Mr Goh is survived by three children, Mr Goh Hup Jin, Mr Goh Chuen Jin and Ms Goh Chiat Jin, as well as eight grandchildren and one great-grandchild.
Straits Times
28 minutes ago
- Straits Times
Singapore conducts second airdrop ops to deliver humanitarian aid to Gaza
Sign up now: Get ST's newsletters delivered to your inbox Loading of Singapore's humanitarian aid for Gaza onto the RSAF's C-130. SINGAPORE - Singapore conducted its second airdrop operations to deliver medical and food supplies to Gaza on Aug 12, said the Ministry of Defence (Mindef). A Republic of Singapore Air Force C-130 transport aircraft left for Jordan from Paya Lebar Air Base in the morning with the humanitarian aid, as part of operations conducted alongside other foreign air forces at the invitation of the Jordanian government. A total of 58 defence and military personnel were deployed in support of these operations, the Mindef press release added. The medical supplies being delivered are from the Ministry of Health, while the food supplies from non-governmental organisations such as Humanity Matters, Caritas Humanitarian Aid and Relief Initiatives Singapore, Mercy Relief and the Rahmatan Lil Alamin Foundation. The effort was coordinated through the Changi Regional Humanitarian Assistance and Disaster Relief Coordination Centre. RSAF conducted its first airdrop to deliver emergency supplies to Gaza on March 20, 2024. The Aug 12 airdrop is the ninth tranche of humanitarian assistance for Gaza from Singapore since the start of the Israel-Hamas conflict in October 2023, with the value of the support totalling over $22 million. Top stories Swipe. Select. Stay informed. Business Singapore raises 2025 economic growth forecast but warns of uncertainty from US tariffs Singapore Circle Line to end early most Fridays and Saturdays, start late most weekends from Sept 5 to Dec 28 Business StarHub buys rest of MyRepublic's broadband business in $105m deal; comes after Simba buys M1 Singapore Telco price undercutting expected to subside after sale of M1 to Simba: Analysts World After tariff truce extended, a Trump-Xi summit in China? Asia Death of student in Sabah raises hurdle for Malaysian PM Anwar as he faces tough state polls soon Opinion Sumiko at 61: Hearing loss is linked to dementia risk. Here's what you risk by ignoring it Opinion For Singapore, the AI revolution is coming just in time At Paya Lebar Air Base on Aug 12 to send off the aircraft, Senior Minister of State for Defence Zaqy Mohamad said the SAF stands ready to support humanitarian assistance into Gaza. 'This is one way to show how the whole community rallies together to show compassion and shows how it brings together all the resources and Singaporeans,' he added. Joining him at the send-off were Minister of State for Defence Desmond Choo; Chargé d'Affaires at the Embassy of the Hashemite Kingdom of Jordan to Singapore Qais Biltaji; Singapore's Non-Resident Ambassador to the Hashemite Kingdom of Jordan Shamsher Zaman; and Singapore's Representative to the Palestinian Authority Hawazi Daipi. Acting Minister-in-charge of Muslim Affairs Faishal Ibrahim (second from right), Senior Minister of State for Defence Zaqy Mohamad (third from right) and Minister of State for Defence Desmond Choo (fourth from right) engaging with NGO representatives. PHOTO: MINDEF Acting Minister-in-charge of Muslim Affairs Faishal Ibrahim was also present to meet with representatives from the participating non-governmental organisations. He thanked the Muslim community and all Singaporeans for their generosity, compassion, and prayers. 'Every act of giving is a light in the darkness for someone in need. Let us continue to keep Gaza in our prayers, support humanitarian initiatives, and work towards a future of peace, safety, and dignity for all,' he said.
Straits Times
28 minutes ago
- Straits Times
Trump's trade war with China in 2025
Sign up now: Get ST's newsletters delivered to your inbox BEIJING - U.S. President Donald Trump has targeted top economic rival China with a cascade of tariff orders on billions of dollars of imported goods aimed at narrowing a wide trade deficit, bringing back lost manufacturing and crippling the fentanyl trade. The timeline below shows the development of the U.S.-China trade war this year: January 21 - A day after taking office, Trump threatens 10% punitive duty on Chinese imports, citing fentanyl flowing from China. February 1 - Trump imposes 10% on goods from China along with 25% on Mexico and Canada, demanding they curb the flow of fentanyl and illegal immigrants into the U.S. February 4 - China responds with a wide range of measures targeting U.S. businesses including Google, farm equipment makers and the owner of fashion brand Calvin Klein. Beijing also slaps levies of 15% on imports of U.S. coal and LNG and 10% for crude oil and some autos, beginning February 10. It also restricted exports of five metals used in defence, clean energy and other industries. March 3 - The U.S. doubles fentanyl-related tariffs on all Chinese imports, increasing levies to 20%, effective March 4. March 4 - China hits back with 10-15% retaliatory levies on U.S. agriculture exports, affecting about $21 billion in U.S. exports. Beijing also imposed export and investment curbs on 25 U.S. firms, on grounds of national security and banned imports of genetic sequencers from U.S. medical equipment maker Illumina. April 2 - Trump escalates global trade friction with sweeping "liberation day" tariffs, announcing a baseline 10% across all imports and significantly higher duties on some countries. Trump levies 34% on all Chinese goods, to take effect on April 9. The Trump administration also decides to end duty-free access for low-value shipments from China and Hong Kong, known as "de minimis" exemptions, from May 2. April 4 - China announces retaliatory tariffs of 34% on all U.S. imports from April 10 and export curbs on some rare earths. It imposed restrictions on about 30 U.S. organisations, mostly in defence-related industries. Beijing also suspends sorghum, poultry and bone meal shipments from some U.S. firms. April 8 - The U.S. raises tariff on all Chinese imports to 84% from 34%. April 9 - China raises its levies on U.S. imports to 84% too, and added 12 U.S. companies to a control list that prohibits exports of dual-use items and another six to its "unreliable entities" list, which allows Beijing to take punitive actions against foreign entities. The U.S. further hikes tariffs on Chinese imports to 125% from 84%. China later on the day issued risk warnings to its citizens against travelling to the U.S. April 10 - China announces it would immediately restrict imports of Hollywood films. April 11 - China also raises levies on imports of U.S. goods to 125%, dismissing the Trump tariff strategy as "a joke" and indicated it will ignore any further U.S. "numbers game with tariffs". April 15 - U.S. chipmaker Nvidia discloses that U.S. officials had informed it that its H20 chip would require an export license for sales to China. May 10-12 - Beijing and Washington hold high-stakes trade talks over the weekend in Geneva. Both sides released a joint statement agreeing to a 90-day pause on their steep tariffs. The temporary truce meant U.S. tariffs on China will fall to 30% from 145%, while China tariffs on the U.S. drop to 10% from 125%. China also committed to removing non-tariff countermeasures imposed against the United States since April 2. May 28-29 - U.S. says will start "aggressively" revoking visas of Chinese students. It also orders a broad swathe of companies to stop shipping goods covering semiconductors, design software and aviation equipment to China. May 31 - Trump says China violated the agreement reached in Geneva to mutually roll back tariffs and ease Chinese curbs on critical minerals exports. China rejects the accusation, saying U.S. had introduced multiple "discriminatory restrictive" measures against China. June 5 - Chinese President Xi Jinping and Trump hold an hour-long phone call. June 9-10 - U.S. and China hold a new round of trade talks in London and reach a framework agreement. June 11-12 - Some Chinese rare earths magnet producers begin to receive export licences. Trump says trade truce is back on track. June 27 - Treasury Secretary Scott Bessent says U.S. and China have resolved issues around rare earth minerals and magnets shipments to U.S. July 6 - Trump threatens an additional 10% tariff on countries he said were aligning themselves with the "Anti-American policies" of BRICS, which includes China. July 15 - U.S. Commerce Secretary Howard Lutnick says Nvidia plans to resume sales of its advanced AI H20 chips to China is part of U.S. negotiations on rare earths, reversing a U.S. export ban in April. July 28-29 - U.S. and Chinese officials agree to seek an extension of their 90-day tariff truce after two days of talks in Stockholm. Both sides described the talks as constructive, but no major breakthroughs were announced. August 1 - Bessent says believed that Washington has the makings of a deal with China and that he is "optimistic" about the path forward. August 8 - U.S. starts issuing licenses to Nvidia to export its H20 chips to China. August 10 - Trump urges China to quadruple its soybean purchases from the U.S. as the expiration of the trade truce looms on August 12. August 11 - U.S. and China extend their tariff truce for another 90 days. REUTERS
