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Business Recorder
27-04-2025
- Business
- Business Recorder
Oil prices drop on tariff worry and rising supplies
NEW YORK: Oil prices fell on Friday and were set for a weekly decline of over 2%, under pressure from market expectations of oversupply and uncertainty around tariff talks between the US and China. Brent crude futures were down 33 cents to $66.22 a barrel at 11:05 a.m. EDT (1505 GMT), taking losses to 2.5% over the week. US West Texas Intermediate crude was down 31 cents to $62.48 a barrel, headed for a weekly decline of 3.3%. 'Prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions,' LSEG senior analyst Anh Pham said. 'A stronger US dollar has also added pressure to crude prices.' Oil erased early gains after a spokesperson from China's foreign ministry said Beijing and Washington were not having any consultations or negotiations on tariffs. That contradicted earlier comments by US President Donald Trump, who said on Thursday trade talks were underway. China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses that have been notified, the clearest sign yet of Beijing's concerns about trade war fallout. 'Traders now view further (crude price) gains as unlikely in the short term due to the continued trade war among top global consumers and speculation that OPEC+ may accelerate production hikes from June,' Saxo Bank analyst Ole Hansen said. Oil prices fell earlier this month to four-year lows after tariffs sparked investor concern about global demand and a selloff in financial markets. While the risk is a weaker economy will erode demand, supplies could swell. Several OPEC+ members have suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week. An end to the war in Ukraine also has the potential to add to supplies if it allows more Russian oil to reach global markets. A three-hour meeting on Friday between Russian President Vladimir Putin and Trump envoy Steve Witkoff was constructive and narrowed differences when it came to ending the war in Ukraine, Kremlin aide Yuri Ushakov said.
Business Recorder
25-04-2025
- Business
- Business Recorder
Oil set for weekly fall amid supply pressure, tariff uncertainty
LONDON: Oil prices fell on Friday and were set for a weekly decline of over 3% on the back of oversupply concerns and uncertainty around tariff talks between the United States and China. Brent crude futures were down 82 cents to $65.73 a barrel at 1215 GMT, falling 3.3% over the week. U.S. West Texas Intermediate crude was down 81 cents to $61.98 a barrel, a decline of 4.2% for the week. '… Prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions. A stronger U.S. dollar has also added pressure to crude prices,' LSEG senior analyst Anh Pham said. Oil erased earlier gains after a spokesperson from China's foreign ministry said China and the U.S. were not having any consultations or negotiations on tariffs. That contradicted earlier comments by U.S. President Donald Trump, who said on Thursday trade talks between the U.S. and China were underway. 'Traders now view further (crude price) gains as unlikely in the short term due to the continued trade war among top global consumers and speculation that OPEC+ may accelerate production hikes from June,' Saxo Bank analyst Ole Hansen said. Oil regains ground after 2% drop on potential OPEC+ output increase China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout. China hiked its tariffs after Trump announced higher levies on Chinese goods. Oil prices tumbled earlier this month to four-year lows after the tariffs sparked concern about global demand and a selloff in financial markets. Worries are growing about excess supply. Several OPEC+ members have suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week. The U.S. and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of a deal remain to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News. A halt to Russia's war in Ukraine and the easing of sanctions could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of the Petroleum Exporting Countries, is one of the world's biggest oil producers along with the U.S. and Saudi Arabia.
Yahoo
25-04-2025
- Business
- Yahoo
Oil heads for weekly fall under US-China tariff woes
Oil prices made modest gains on Friday but remained on course for a weekly decline, as expectations of increased supply from OPEC+ producers and continued uncertainty over US-China trade relations weighed on market sentiment. Brent crude futures were up 0.4% to $65.91 a barrel on Friday morning, while US West Texas Intermediate (WTI) crude rose 0.1% to $62.87 a barrel. Both contracts, however, remain down roughly 2% for the week, pressured by persistent concerns over oversupply. According to a Reuters report, several OPEC+ members are pushing to accelerate output increases in June, extending May's unexpected production boost of 411,000 barrels per day. The proposed hike has deepened internal divisions within the group over quota compliance and comes at a time when oil prices are hovering near four-year lows. Analysts warn that a further increase in supply could place additional downward pressure on prices, particularly given the fragile demand outlook amid global economic headwinds and the ongoing US-China trade dispute. Read more: FTSE 100 LIVE: Stocks mixed as China 'considers US tariff exemptions' The push to accelerate output hikes could negatively affect oil prices by increasing supply at a time when demand is weak and market oversupply concerns are already high. "For today, oil prices are slightly up as the market responds to signs of easing tensions around Trump's tariffs and a potential shift in the Fed's policy stance, contributing to a broader market recovery," said LSEG senior analyst Anh Pham. "On a weekly basis, however, prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions. A stronger U.S. dollar has also added pressure to crude prices," he added. China is considering exempting some US imports from its 125% tariffs and is asking businesses to provide lists of goods that could be eligible in the biggest sign yet of Beijing's concerns about the economic fallout from the trade war. Gold prices retreated on Friday after signs emerged that Beijing may be preparing to ease tariffs on select US imports, undermining the metal's traditional appeal as a safe-haven asset amid geopolitical uncertainty. Gold futures were down by 1% to $3,314.20 per ounce at the time of writing, while the spot price slipped 0.8% to trade at $3,309.68 an ounce. The moves followed reports that China is considering exemptions for certain US goods from its steep 125% tariffs. Beijing has asked businesses to identify products that could qualify for relief, in what analysts see as the clearest indication yet of concern over the economic toll of the ongoing trade war. Stocks: Create your watchlist and portfolio The potential thaw in relations coincided with fresh assertions from US president Donald Trump that dialogue with Beijing is continuing. His comments came in response to Chinese statements suggesting no official talks had recently taken place. "The partial rollback of tariffs on some imports from China may be perceived as a positive step towards further de-escalation in US-China trade tensions, which exert modest downward pressure on safe-haven assets like gold," said IG market strategist Yeap Jun Rong. Despite Friday's decline, gold remains sharply higher this year, buoyed by persistent global uncertainty and demand for defensive assets. The non-yielding metal, often viewed as a hedge against volatility, has climbed nearly $700 since January and hit a record high of $3,500.05 earlier this week. The pound edged lower against the dollar in early European trading on Thursday, shedding 0.2%to $1.3304, as investors grew increasingly cautious over the UK's economic prospects following a renewed flare-up in global trade tensions. Market sentiment was dampened by tariffs announced by Trump earlier this month, reigniting fears of a broader trade war that could weigh on global growth. The concerns were underscored by comments from Bank of England governor Andrew Bailey, who warned that rising protectionism poses a risk to the UK's fragile recovery. "We do have to take very seriously the risk to growth,' Bailey said at the sidelines of the International Monetary Fund's (IMF) spring meetings on Wednesday and added "we're currently working through that because we've got an interest rate decision coming in two weeks' time'. Read more: Bank of England likely to cut interest rates, hints Andrew Bailey The US Dollar Index ( which measures the greenback against a basket of six major currencies, rebounded slightly, up 0.2%, trading at 99.59. . The index had already recovered earlier in the week after Trump eased tensions by backing away from threats to dismiss Federal Reserve chair Jerome Powell and adopting a more conciliatory tone on China. 'Global equities are slightly lower this morning as China's commerce ministry said that any reports of development in talks with the US are groundless,' said Noah Buffman, a strategist at CIBC Capital Markets. Elsewhere in currency markets, the pound was muted against the euro, trading at €1.1702. In broader market movements, the FTSE 100 (^FTSE) was muted on Friday, at 8,407.88 points at the time of writing. For more details, check our live coverage here. Read more: Stocks to watch next week: Apple, Microsoft, Shell, HSBC, Lloyds and AstraZeneca What to expect from Mag 7 company earnings in light of Trump tariff turmoil EU fines Apple and Meta €700m in first Digital Markets Act rulingsSign in to access your portfolio
RTÉ News
25-04-2025
- Business
- RTÉ News
Oil edges up but heads for weekly fall under supply pressure
Oil prices were set for a weekly decline of nearly 2% on the back of oversupply concerns and uncertainty around tariff talks between the US and China. Brent crude futures fell 2 cents to $66.53 a barrel by 0814 GMT, falling 2.2% on the week. US West Texas Intermediate (WTI) crude rose 2 cents to $62.81 a barrel, having declined 3% for the week. "On a weekly basis ... prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions. A stronger US dollar has also added pressure to crude prices," LSEG senior analyst Anh Pham said. Oil erased earlier gains after a spokesperson from China's foreign ministry said China and the United States were not having any consultations or negotiations on tariffs. That contradicted earlier comments by US President Donald Trump, who said on Thursday trade talks between the US and China were underway. China is considering exempting some US imports from its 125% tariffs and is asking businesses to provide lists of goods that could be eligible in the biggest sign yet of Beijing's concerns about the economic fallout from the trade war. China hiked its tariffs after Trump announced higher levies on Chinese goods. Oil prices tumbled earlier this month after the tariffs sparked concern about global demand and a sell-off in financial markets. Worries are growing about excess supply. Several OPEC+ members had suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week. The United States and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of a deal remain to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News. A halt to Russia's war in Ukraine and the easing of sanctions could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organisation of the Petroleum Exporting Countries, is one of the world's biggest oil producers along with the US and Saudi Arabia.
Iraqi News
25-04-2025
- Business
- Iraqi News
Oil set for weekly fall under supply pressure
Oil prices fell on Friday and were set for a weekly decline of over 2% on the back of oversupply concerns and uncertainty around tariff talks between the U.S. and China. Brent crude futures fell 41 cents to $66.14 a barrel by 0953 GMT, falling 2.6% on the week. U.S. West Texas Intermediate (WTI) crude fell 36 cents to $62.43 a barrel, having declined 3.5% for the week. "On a weekly basis ... prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions. A stronger U.S. dollar has also added pressure to crude prices," LSEG senior analyst Anh Pham said. Oil erased earlier gains after a spokesperson from China's foreign ministry said China and the United States were not having any consultations or negotiations on tariffs. That contradicted earlier comments by U.S. President Donald Trump, who said on Thursday trade talks between the U.S. and China were underway. "Traders now view further (crude price) gains as unlikely in the short term due to the continued trade war among top global consumers and speculation that OPEC+ may accelerate production hikes from June," Saxo Bank analyst Ole Hansen said. China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout. China hiked its tariffs after Trump announced higher levies on Chinese goods. Oil prices tumbled earlier this month after the tariffs sparked concern about global demand and a sell-off in financial markets. Worries are growing about excess supply. Several OPEC+ members had suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week. The United States and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of a deal remain to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News. A halt to Russia's war in Ukraine and the easing of sanctions could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of the Petroleum Exporting Countries, is one of the world's biggest oil producers along with the U.S. and Saudi Arabia.
