Oil rises on US-EU trade deal, Trump's shorter deadline for Russia
Brent crude futures were up $1.63, or 2.4%, at $70.07 a barrel by 1317 GMT while U.S. West Texas Intermediate crude rose $1.62, or 2.5%, at $66.78.
Brent was trading close to its highest price in nearly 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days.
The deal between the U.S. and EU and a possible extension of the U.S.-China tariff pause also are supporting global financial markets and oil prices, said Tony Sycamore, a market analyst at IG.
The framework trade pact with the EU that was announced on Sunday sets a 15% U.S. import tariff on most EU goods. Trump also said it called for $750 billion of EU purchases of U.S. energy in the coming years.
Senior U.S. and Chinese officials are meeting in Stockholm on Monday to try to extend their tariff truce before an August 12 deadline.
The U.S.-EU deal removed another layer of uncertainty and the focus seems to be shifting back towards fundamentals, said Tamas Varga, an analyst at PVM, adding that a strong dollar and falling Indian oil imports have weighed on crude prices.
On the supply side, an OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates told Reuters on July 25.
ING expects OPEC+, the group that includes the Organization of the Petroleum Exporting Countries and allies like Russia, to at least complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
5 minutes ago
- The Independent
Judge rules that Rhode Island's gun permit system does not violate Second Amendment
A federal judge says Rhode Island 's gun permit system, which requires residents to show 'a need' to openly carry a firearm throughout the state, does not violate the Second Amendment. In a ruling handed down Friday, U.S. District Judge William Smith granted Rhode Island Attorney General Peter Neronha's motion for summary judgment that dismisses a lawsuit filed by a coalition of gun owners in 2023. The lawsuit stems from a Rhode Island law dictating how the state issues firearms permits. According to the statute, local officials are required to issue concealed-carry permits to anyone who meets the specific criteria outlined in the statute. However, it also allows the attorney general's office to issue open-carry permits 'upon a proper showing of need.' Unlike municipalities, the attorney general is not required to issue such permits. The plaintiffs, largely led by Michael O'Neil, a lobbyist for the Rhode Island 2nd Amendment Coalition and a firearm instructor, said in their initial complaint that the attorney general's office denied all seven of their applications in 2021 for an 'unrestricted' firearm permit, allowing both open and concealed carry. Court documents show that the attorney general's office denied their permits because all of them had been granted 'restricted' permits, which only allowed concealed carry. Smith said in his ruling that unrestricted permits 'are a privilege and there is no constitutionally protected liberty interest in obtaining one.' The plaintiffs had hoped for a similar ruling handed down by the U.S. Supreme Court in 2022, where the justices struck down a New York state law that had restricted who could obtain a permit to carry a gun in public. Similar to Rhode Island, New York's law had required residents to show an actual need to carry a concealed handgun in public for self-defense. Yet, notably, Smith said in his ruling that the high court's 2022 ruling did not declare that the Second Amendment 'requires open carry,' but even if it did, Rhode Island's law 'is within the Nation's historical tradition of regulation.' Frank Saccoccio, the attorney representing the gun owners, said in an email Monday that they did not believe Smith's decision was in line with the 2022 SCOTUS decision and would be appealing. An email seeking comment from the attorney general was sent on Monday.
The Independent
5 minutes ago
- The Independent
New Jersey says 3 chemical makers agree to 'forever chemical' settlement worth up to $2 billion
DuPont and two other companies will pay New Jersey up to $2 billion to settle environmental claims stemming from PFAS, commonly referred to as 'forever chemicals," the companies announced Monday. State Environmental Commissioner Shawn LaTourette said the deal with DuPont, Chemours and Corteva is the largest such settlement in the state's history. It calls for the companies to pay $875 million over 25 years and create a remediation fund of up $1.2 billion. The companies will split the costs under the deal, which must still be approved by the courts. PFAS, or perfluoroalkyl and polyfluoroalkyl substances, are a group of chemicals that have been around for decades and have now spread into the nation's air, water and soil. They are commonly referred to as 'forever chemicals.' DuPont said the settlement will resolve 'all pending environmental and other claims' for 'legacy" contamination claims at four sites where the companies operated in the state. It comes just months after the state said chemical manufacturer 3M has agreed to pay up $450 million to resolve lawsuits over natural resource contamination stemming from PFAS. "Polluters who place profit above public well-being by releasing poisonous PFAS and other contamination in our State can expect to be held responsible to clean up their mess and fully compensate the State and its citizens for the precious natural resources they've damaged or destroyed," LaTourette said. PFAS were manufactured by companies such as 3M, Chemours and others because they were incredibly useful. They helped eggs slide across non-stick frying pans, ensured that firefighting foam suffocates flames and helped clothes withstand rain and keep people dry. The chemicals resist breaking down, though, meaning they linger in the environment. Environmental activists say PFAS makers knew about the health harms of PFAS long before they were made public. The same attributes that make the chemicals so valuable – resistance to breakdown – make them hazardous to people. PFAS accumulate in the body, which is why the Environmental Protection Agency set their limits for drinking water at 4 parts per trillion for two common types — PFOA and PFOS — that are phased out of manufacturing but still are present in the environment.
The Independent
5 minutes ago
- The Independent
Migrant hotel protests: Police braced for further violence across country with more demonstrations planned
Police are braced for further protests and disorder across the UK, as anti-migrant demonstrations continue outside hotels housing asylum-seekers. At least four protests have been organised for the upcoming week in locations such as Bournemouth, Southampton and Portsmouth, with tensions rising further after clashes over the weekend. It comes amid warnings that the Metropolitan Police could be 'tested to the limit' on Saturday, when pro-Palestine Action supporters have been urged to turn up en masse in central London, in defiance of anti-terror laws. Protests first began last month outside The Bell Hotel in Epping after an Ethiopian refugee residing there, Hadush Kebatu, was charged with sexual assault for allegedly attempting to kiss a 14-year-old girl. Since then, far-right demonstrators have clashed with police and counter-protesters in Diss, Manchester, Edinburgh and outside the Barbican in London. On Sunday, a group wearing face masks and carrying smoke bombs made a 'concerted effort' to break into the Britannia Hotel in Canary Wharf, which is currently housing refugees. Police forces are expected to be stretched at the weekend, as a separate pro-Palestine march is also scheduled for Saturday and anti-immigration protests are scheduled to continue. It is unclear if the Metropolitan Police will call on mutual aid from neighboring forces, with the National Police Chiefs Council (NPCC) saying they are working 'closely' with partners at a national and local level. The Telegraph reports that hundreds of people are set to descend on London to support Palestine Action, after they were proscribed as a terrorist organisation. The group has claimed responsibility for damaging aircraft at RAF Brize Norton in June. Membership or expressing support for the group is now a criminal offence carrying a maximum sentence of up to 14 years in prison. With the possibility that the police may have to arrest hundreds of protesters on Saturday, there are fears that capacity in custody cells could quickly run out. Sir Keir Starmer 's spokesperson said that while the public have a right to protest, they would 'never tolerate unlawful or violent behaviour or intimidatory behavior'. Tensions over migration have further escalated after Reform UK leader Nigel Farage and George Finch, the 19-year-old leader of Warwickshire County Council, claimed there had been a 'cover up' of details about an alleged rape of a 12-year-old girl in Nuneaton. Two men have been charged in relation to the alleged incident in the Warwickshire town. Warwickshire Police has not released the immigration status of the two suspects. Mr Finch said he would be working to 'fight against' houses of multiple occupancy (HMOs) that are housing 'illegal immigrants' and also claimed that Reform UK need to 'change things' and are 'the last line of defence against the blob, the cover-ups'. In his letter to Ms Cooper, published on X on Sunday, Mr Finch claimed that a 'cover-up' of immigration status 'risks public disorder breaking out on the streets of Warwickshire'. 'Having my ear to the ground locally, it is clear that there is much appetite for protests to take place across the County,' the letter adds. When asked if the police should release the ethnicity of people when charged, a No10 spokesperson said that it was important to be as 'transparent as possible', and described the case as 'deeply upsetting and distressing'. Meanwhile, border security minister Dame Angela Eagle said that protests outside hotels must not be used to 'have a pop at the police' and insisted that Labour were working to close asylum hotels. She added that the Government was 'doing the detailed work' to crack down on small boat crossings, after the Home Office unveiled its plan to pump an extra £100 million into tackling people smuggling. With both a protest and a counter-demonstration organised by Stand Up To Racism in Bournemouth on Saturday afternoon, Dorset Police said they would seek to ensure people can exercise their right to protest legally, without disruption. 'We will seek to enable peaceful protests, but public order or criminal offences will not be tolerated and will be dealt with robustly,' a spokesperson said. An NPCC spokesperson said: 'Policing is committed to upholding and facilitating the right to peaceful protest. Where possible, we will work with event organisers and any other affected groups to facilitate protests and minimise serious disruption to communities. 'We are working closely with partners at a national, regional and local level to monitor the latest information and intelligence to ensure we are best placed to respond should we see any incidents that escalate into disorder and criminality. 'We have robust and well-tested proactive plans in place, with the ability to mobilise significant and specialist resources, if necessary. "Public order response officers will be supported by investigation teams who will gather evidence and ensure those responsible for any acts of criminality, should they occur, are identified and held to account.'
