Latest news with #ANZResearch
Wall Street Journal
15 hours ago
- Business
- Wall Street Journal
Oil Prices Rise on Simmering Geopolitical Concerns
0752 GMT – Oil prices rise, exacerbated by rising geopolitical tensions. Brent crude is up 0.8% at $65.17 a barrel, while WTI advances 1% to $63.17 a barrel. Crude has rallied as Ukraine struck air bases deep in Russia, stymieing efforts to reach a peace deal, ANZ Research analysts say in a note. The increase in tensions has more than shrugged off OPEC+'s decision to accelerate production hikes by 411,000 barrels a day in July. That said, some OPEC+ members including Russia have objected. This has eased concerns of further production hikes in the second half of the year, ANZ says. Investors have since unwound bearish short position built ahead of the meeting, ANZ adds. (
New Straits Times
21 hours ago
- Business
- New Straits Times
London copper prices little changed, tariff concerns resurface
SINGAPORE: London copper prices held steady as investors weighed a weaker US currency and renewed concerns over the possible tariffs on the metal against support from declining inventories. Three-month copper on the London Metal Exchange shed 0.29 per cent to US$9,589 per tonne as of 0105 GMT. The dollar index, which measures the US currency against six major peers, fell to the lowest since late April. A softer dollar makes greenback-denominated assets more affordable to holders of other currencies. Meanwhile, on Friday, US President Donald Trump announced his plans to double the import tariffs on aluminum and steel to 50 per cent effective Wednesday, renewing concerns about potential copper tariffs. "US trade officials are currently reviewing the impact of US copper imports on the local industry, with a report due in the next few weeks," ANZ Research said. "Copper is also finding support from improving fundamentals." On Monday, copper stocks in the LME-registered warehouses dropped 45 per cent since mid-February to 148,450 tonnes, the lowest in almost a year. Among the other London metals, LME aluminium fell 0.36 per cent to US$2,457 a tonne, zinc slipped 0.43 per cent to US$2,686.5, lead dipped 0.63 per cent to US$1,968.5 and nickel shed 0.75 per cent to US$15,420. Tin added 0.2 per cent to US$30,770. The most-traded copper contract on the Shanghai Futures Exchange (SHFE) gained 0.51 per cent to 78,150 yuan (US$10,855.52) per tonne. SHFE aluminium held flat at 20,085 yuan a tonne, lead gained 0.1 per cent to 16,635 yuan, nickel rose 0.47 per cent to 121,650 yuan, zinc advanced 0.63 per cent to 22,425 yuan, while tin fell 0.55 per cent to 251,520 yuan.
Wall Street Journal
26-05-2025
- Business
- Wall Street Journal
Oil Rises Amid Lingering Middle East Tensions
0009 GMT — Oil rises in the early Asian session amid lingering Middle East tensions. Israel's military said Sunday that it plans to capture 75% of the Gaza Strip within two months. Prospects of a broader conflict in the Middle East could have implications for oil supply from other Middle Eastern producers, ANZ Research analysts say in a research report. 'Iran and its proxy militant groups, such as the Houthis, have threatened to disrupt oil supplies in the region if attacked,' the analysts add. Front-month WTI crude oil futures are 0.8% higher at $62.00/bbl; front-month Brent crude oil futures are 0.7% higher at $65.25/bbl. (
Wall Street Journal
23-05-2025
- Business
- Wall Street Journal
Oil Falls, Dragged by Fears of Rising Supply
0009 GMT — Oil falls in the early Asian session, dragged by fears of rising supply. Bloomberg reported that OPEC+ is mulling a possible increase in output of 411,000 barrels a day in July, ANZ Research analysts say in a research report. This would be third consecutive month that the group has agreed to triple the initially scheduled amount, the analysts say. No final agreement has been reached yet, with this option being one of many being discussed, the analysts add, citing the media report. Front-month WTI crude oil futures are 0.6% lower at $60.83/bbl; front-month Brent crude oil futures are 0.5% lower at $64.09/bbl. (
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Oil Falls, Weighed by Unexpected Increase in U.S. Crude Inventories
0019 GMT — Oil falls in the early Asian session, weighed by an unexpected increase in U.S. crude inventories. Data released Wednesday by the EIA showed commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 1.3 million barrels in the week ended May 16. Analysts surveyed by The Wall Street Journal had predicted an 800,000 barrel decline. Sentiment hasn't been helped by the EIA data, ANZ Research analysts say in a research report. There's also a risk-off tone sparked by weak U.S. Treasurys' auction, the analysts add. Front-month WTI crude oil futures are 0.5% lower at $61.25/bbl; front-month Brent crude oil futures are 0.5% lower at $64.56/bbl. (
