Oil Prices Steady Amid Demand Concerns - Jordan News
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Oil prices pause slide on US-Japan trade deal
Ammon News - Oil prices edged up in Asian trade on Wednesday after falling for three consecutive sessions as a U.S. trade deal, opens new tab with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China summit. Brent crude futures rose 21 cents, or 0.31%, to $68.80 a barrel by 0351 GMT. U.S. West Texas Intermediate crude futures gained 17 cents, or 0.26%, at $65.48 per barrel. Both benchmarks were down about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that includes a 15% tariff on U.S. imports from Japan. He also said Japan had agreed on $550 billion in investments in the U.S. Separately, U.S. crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added. Reuters
Jordan News
a day ago
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Oil Prices Drop Amid Mounting Concerns Over Fuel Demand - Jordan News
Oil Prices Drop Amid Mounting Concerns Over Fuel Demand Oil prices declined on Tuesday amid growing concerns that slowing business activity could impact fuel demand, as trade tensions escalate between the United States and the European Union—both major consumers of crude. اضافة اعلان Brent crude futures fell by 52 cents, or 0.75%, to $68.69 per barrel as of 03:25 GMT. U.S. West Texas Intermediate (WTI) crude was down 51 cents, or 0.76%, at $66.69 per barrel. The August WTI contract expires on Tuesday. The more actively traded September contract dropped 54 cents, or 0.82%, to $65.41 a barrel. Priyanka Sachdeva, Senior Market Analyst at Phillip Nova, said: "Concerns over demand persist amid rising global trade tensions, especially as markets await the latest tariff threats between major economies and potential announcements from Trump ahead of the August 1 deadline." She added that investors are also monitoring the ripple effects of new U.S. sanctions on Russian crude oil. Supply concerns have largely eased thanks to increased output by major producers, and following the June 24 ceasefire that ended the conflict between Israel and Iran. A weaker dollar offered some support to crude prices, making oil less expensive for buyers using other currencies. Tony Sycamore, market analyst at IG, wrote in a note that prices have dipped as "trade war fears offset the support provided by a softer dollar." Sycamore also pointed to the potential for an escalation in the U.S.-EU trade dispute over tariffs. According to EU diplomats, the bloc is exploring a broader range of potential countermeasures against the United States as hopes fade for a mutually acceptable trade deal with Washington. The U.S. has threatened to impose 30% tariffs on EU imports starting August 1 if no agreement is reached. Reuters
Ammon
a day ago
- Ammon
Oil falls as trade war concerns increase worries about fuel demand
Ammon News - Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52 cents, or 0.75%, to $68.69 a barrel by 0325 GMT. U.S. West Texas Intermediate crude was at $66.69 a barrel, down 51 cents, or 0.76%. Both benchmarks settled slightly lower on Monday. The August WTI contract expires on Tuesday and the more active September contract was down 54 cents, or 0.82%, to $65.41 a barrel. Supply concerns have largely been alleviated by major producers raising output and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid U.S. trade policy changes. A weaker U.S. dollar has provided some backing for crude as buyers using other currencies are paying relatively less. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30% tariff on EU imports on August 1 if a deal is not reached. There are also signs that rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts.
