Macquarie Sees Oil in the Low $60s and a Looming Refining Crunch
Brent futures earlier this month touched a three-year low of about $68 as a deteriorating global economic outlook added to concerns about demand in a year when global oil production growth is expected to vastly outstrip an increase in consumption. That marked a reversal from mid-January, when crude had topped $80 as significant US sanctions on Russia bolstered prices.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
2 hours ago
- Bloomberg
Oil Steadies at End of Tepid Week With Eyes on Trump-Putin Talks
Oil was steady for the day and the week, with investors focused on the meeting between the US and Russian presidents later on Friday. West Texas Intermediate traded near $64 a barrel after jumping 2.1% in the previous session to offset losses earlier in the week, while Brent settled above $66 in thin trading. Vladimir Putin stepped up his charm offensive before the summit in Alaska, while Donald Trump has sought to dial back hopes for a breakthrough.
Business Insider
7 hours ago
- Business Insider
Morning Movers: Tapestry and Deere fall following quarterly results
Stock futures are moving lower this morning, giving back a bit of the recent strong gains that have lifted the S&P 500 and Nasdaq to record highs. Commodities are largely stable: Brent crude is slightly up, gold slightly down and Bitcoin is trading around the $120,000 level. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. In pre-market trading following the latest round of inflation data, S&P 500 futures are down 0.37%, Nasdaq futures are down 0.44% and Dow futures are down 0.35%. Check out this morning's top movers from around Wall Street, compiled by The Fly, and subscribe to the Fly By on YouTube to keep ahead of what's moving before the open. HIGHER – UP AFTER EARNINGS – Vipshop (VIPS) up 3% DLocal (DLO) up 20% DOWN AFTER EARNINGS – Deere (DE) down 6% Tapestry (TPR) down 12% NetEase (NTES) down 6% Birkenstock (BIRK) down 2% Coherent (COHR) down 18% Cisco (CSCO) down 1%
Yahoo
14 hours ago
- Yahoo
Oil Steadies Near Two-Month Low as IEA Warns of Record Glut
(Bloomberg) -- Oil steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent traded below $66 a barrel, after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. The US-Canadian Road Safety Gap Is Getting Wider Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets Gloomy predictions from both the IEA and the US government this week come as supplies from both within and outside OPEC+ are expected to rise into the fourth quarter. Brent's nearest timespread — a guage of market health — is trading at its weakest level since May. Against that backdrop, traders are monitoring the lead-up to Friday's summit between the US and Russian presidents, given that it may result in an easing or tightening of Washington's sanctions on the OPEC+ member. Donald Trump warned he would impose 'very severe consequences' if Vladimir Putin didn't agree to a ceasefire, following a call with European leaders. Oil has lost more than 10% this year as the Organization of the Petroleum Exporting Countries and its partners complete the reversal of output curbs started in 2023, though price moves have been limited in recent days as trading activity eases over the summer months in the northern hemisphere. 'We estimate Brent prices could land in the low $60s if there is progress toward a US-Russia deal,' Citigroup analysts including Anthony Yuen wrote, adding that the most likely outcome of the meeting will 'favor the downside.' --With assistance from Charlie Zhu and Sarah Chen. Americans Are Getting Priced Out of Homeownership at Record Rates Dubai's Housing Boom Is Stoking Fears of Another Crash Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan The Electric Pickup Truck Boom Turned Into a Big Bust ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
