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Time of India
16-05-2025
- Business
- Time of India
Oil prices heading for 1% weekly gain on U.S.-China trade detente
Oil prices edged up on Friday following a sharp drop in the previous session, heading for a weekly gain of more than 1% as U.S.-China trade optimism outweighed the prospects of Iranian supply returning to the market. Brent crude futures rose 17 cents, or 0.26%, to $64.70 a barrel by 0007 GMT. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.29%, to $61.80. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo Prices had fallen more than 2% in the previous session after President Donald Trump said the U.S. was getting "close" to reaching a nuclear deal with Iran and that Tehran had "sort of" agreed to its terms. A source familiar with the talks however said there were still gaps to bridge. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Oil prices had surged earlier in the week after the U.S. and China, the world's two biggest oil consumers and economies, agreed to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty tit-for-tat Sino-U.S. tariffs had raised fears of a sharp blow to global growth and oil demand. However, oil trade remains hostage to supply dynamics, including the possibility of Iranian supplies returning to market following any deal between Washington and Tehran. Live Events "The easing geopolitical risks weighed on sentiment already burdened by fears of rising supply from fellow OPEC members ," ANZ bank said in a note to clients. The International Energy Agency said on Thursday it expects global supply to rise by 1.6 million barrels per day this year, up 380,000 bpd from the previous forecast, as Saudi Arabia and other OPEC+ members unwind output cuts.
Yahoo
16-05-2025
- Business
- Yahoo
Oil prices heading for 1% weekly gain on U.S.-China trade detente
By Colleen Howe BEIJING (Reuters) - Oil prices edged up on Friday following a sharp drop in the previous session, heading for a weekly gain of more than 1% as U.S.-China trade optimism outweighed the prospects of Iranian supply returning to the market. Brent crude futures rose 17 cents, or 0.26%, to $64.70 a barrel by 0007 GMT. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.29%, to $61.80. Prices had fallen more than 2% in the previous session after President Donald Trump said the U.S. was getting "close" to reaching a nuclear deal with Iran and that Tehran had "sort of" agreed to its terms. A source familiar with the talks however said there were still gaps to bridge. Oil prices had surged earlier in the week after the U.S. and China, the world's two biggest oil consumers and economies, agreed to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty tit-for-tat Sino-U.S. tariffs had raised fears of a sharp blow to global growth and oil demand. However, oil trade remains hostage to supply dynamics, including the possibility of Iranian supplies returning to market following any deal between Washington and Tehran. "The easing geopolitical risks weighed on sentiment already burdened by fears of rising supply from fellow OPEC members," ANZ bank said in a note to clients. The International Energy Agency said on Thursday it expects global supply to rise by 1.6 million barrels per day this year, up 380,000 bpd from the previous forecast, as Saudi Arabia and other OPEC+ members unwind output cuts. Sign in to access your portfolio
Time of India
30-04-2025
- Business
- Time of India
Oil drops, poised for biggest monthly fall in three years
Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed. Brent crude futures fell by 75 cents, or 1.17 per cent , to $63.50 per barrel by 0641 GMT. U.S. West Texas Intermediate crude futures dropped 79 cents, or 1.31 per cent , to $59.63 a barrel. Brent and WTI have lost 15 per cent and 17 per cent respectively so far this month, the biggest percentage drop since November 2021. Both benchmarks slumped after U.S. President Donald Trump's April 2 announcement of tariffs on all U.S. imports. They then sank further to four-year lows as China responded with its own levies against U.S. imports, stoking a trade war between the top two oil-consuming nations. Trump's tariffs on imports into the U.S. have made it probable the global economy will slip into recession this year, according to a Reuters poll. China's factory activity contracted at the fastest pace in 16 months in April, a factory survey showed on Wednesday. Worries about demand amid the trade war have weighed on investor sentiment, said ANZ bank senior commodity strategist Daniel Hynes. "There are also concerns that recent strength in U.S. economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating," he added. U.S. consumer confidence slumped to a nearly five-year low in April on growing concerns over tariffs, data showed on Tuesday. Recent signs of a de-escalation in the trade wars, including a pair of orders Trump signed on Tuesday to soften the blow of his auto tariffs, eased some jitters among global investors. That said, analysts believe the oil market will stay under pressure as the Trump administration continues to prioritise lower oil prices to manage inflation. Oil prices were also undermined by fears of mounting supply from the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+. Several OPEC+ members will suggest a ramp-up of output hikes for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans. On the supply front, U.S. crude oil inventories rose by 3.8 million barrels last week, market sources said on Tuesday citing American Petroleum Institute data. U.S. government data on stockpiles is due at 10:30 a.m. ET (1430 GMT) on Wednesday. Analysts polled by Reuters expect, on average, an 400,000 barrel increase in U.S. crude oil stocks for last week.
Time of India
30-04-2025
- Business
- Time of India
Oil drops, poised for biggest monthly fall in three years
Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed. Brent crude futures fell by 75 cents, or 1.17%, to $63.50 per barrel by 0641 GMT. U.S. West Texas Intermediate crude futures dropped 79 cents, or 1.31%, to $59.63 a barrel. Brent and WTI have lost 15% and 17% respectively so far this month, the biggest percentage drop since November 2021. Both benchmarks slumped after U.S. President Donald Trump's April 2 announcement of tariffs on all U.S. imports. They then sank further to four-year lows as China responded with its own levies against U.S. imports, stoking a trade war between the top two oil-consuming nations. Trump's tariffs on imports into the U.S. have made it probable the global economy will slip into recession this year, according to a Reuters poll. China's factory activity contracted at the fastest pace in 16 months in April, a factory survey showed on Wednesday. Worries about demand amid the trade war have weighed on investor sentiment, said ANZ bank senior commodity strategist Daniel Hynes. "There are also concerns that recent strength in U.S. economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating," he added. U.S. consumer confidence slumped to a nearly five-year low in April on growing concerns over tariffs, data showed on Tuesday. Recent signs of a de-escalation in the trade wars, including a pair of orders Trump signed on Tuesday to soften the blow of his auto tariffs, eased some jitters among global investors. That said, analysts believe the oil market will stay under pressure as the Trump administration continues to prioritise lower oil prices to manage inflation. Oil prices were also undermined by fears of mounting supply from the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+. Several OPEC+ members will suggest a ramp-up of output hikes for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans. On the supply front, U.S. crude oil inventories rose by 3.8 million barrels last week, market sources said on Tuesday citing American Petroleum Institute data. U.S. government data on stockpiles is due at 10:30 a.m. ET (1430 GMT) on Wednesday. Analysts polled by Reuters expect, on average, an 400,000 barrel increase in U.S. crude oil stocks for last week.
Arab News
30-04-2025
- Business
- Arab News
Oil Updates — crude drops, poised for biggest monthly fall in 3 years
SINGAPORE: Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed. Brent crude futures fell by 83 cents, or 1.29 percent, to $63.42 per barrel by 10:30 a.m. Saudi time. US West Texas Intermediate crude futures dropped 92 cents, or 1.52 percent, to $59.50 a barrel. Brent and WTI have lost 15 percent and 17 percent respectively so far this month, the biggest percentage drop since November 2021. Both benchmarks slumped after US President Donald Trump's April 2 announcement of tariffs on all US imports. They then sank further to four-year lows as China responded with its own levies against US imports, stoking a trade war between the top two oil-consuming nations. Trump's tariffs on imports into the US have made it probable the global economy will slip into recession this year, according to a Reuters poll. China's factory activity contracted at the fastest pace in 16 months in April, a factory survey showed on Wednesday. Worries about demand amid the trade war have weighed on investor sentiment, said ANZ bank senior commodity strategist Daniel Hynes. 'There are also concerns that recent strength in US economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating,' he added. US consumer confidence slumped to a nearly five-year low in April on growing concerns over tariffs, data showed on Tuesday. Recent signs of a de-escalation in the trade wars, including a pair of orders Trump signed on Tuesday to soften the blow of his auto tariffs, eased some jitters among global investors. That said, analysts believe the oil market will stay under pressure as the Trump administration continues to prioritize lower oil prices to manage inflation. Oil prices were also undermined by fears of mounting supply from the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+. Several OPEC+ members will suggest a ramp-up of output hikes for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans. On the supply front, US crude oil inventories rose by 3.8 million barrels last week, market sources said on Tuesday citing American Petroleum Institute data. US government data on stockpiles is due at 5:30 p.m. Saudi time on Wednesday. Analysts polled by Reuters expect, on average, an 400,000 barrel increase in US crude oil stocks for last week.
