Latest news with #AshleyKelty
Business Recorder
5 days ago
- Business
- Business Recorder
Oil rises on Mideast risk
HOUSTON: Oil prices rose on Thursday as analysts pointed to low inventories and renewed Middle East risks as factors supporting the market. Brent crude futures were up 23 cents, or 0.3%, to $68.75 a barrel by 11:04 a.m. ET (1504 GMT), while US West Texas Intermediate crude futures rose 67 cents, or 1%, to $67.05 a barrel. US President Donald Trump has said letters notifying smaller countries of their US tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. 'Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of US tariffs and the resultant impact on global growth,' said Ashley Kelty, an analyst at Panmure Liberum, adding that prices would likely settle lower in the medium term. The oil market was also reacting to a tightened inventory scenario, said John Evans, analyst at PVM Oil Associates. US crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. 'Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely and once again add a little fizz to proceedings,' Evans said. Drone attacks on oilfields in Iraq's semi-autonomous Kurdistan region have slashed crude output by up to 150,000 barrels per day, two energy officials said on Wednesday, as infrastructure damage forced multiple shutdowns. Markets were continuing to look for signals of tighter supply or higher demand, but clarity was lacking, said Phil Flynn, senior analyst for Price Futures Group. 'Everybody is waiting for the boogie man, but the boogie man hasn't shown up yet,' Flynn said. Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday. Rainfall totals in Southeast Louisiana were expected to be about four inches (10 cm), according to the US National Hurricane Center.
The Star
5 days ago
- Business
- The Star
Oil prices rise on Mideast risk, tight supply
Brent crude futures were up 23 cents, or 0.3%, to US$68.75 a barrel by 11:04 a.m. ET (1504 GMT), while US West Texas Intermediate crude futures rose 67 cents, or 1%, to US$67.05 a barrel. HOUSTON: Oil prices rose on Thursday as analysts pointed to low inventories and renewed Middle East risks as factors supporting the market. Brent crude futures were up 23 cents, or 0.3%, to US$68.75 a barrel by 11:04 a.m. ET (1504 GMT), while US West Texas Intermediate crude futures rose 67 cents, or 1%, to US$67.05 a barrel. US President Donald Trump has said letters notifying smaller countries of their US tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. "Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of US tariffs and the resultant impact on global growth," said Ashley Kelty, an analyst at Panmure Liberum, adding that prices would likely settle lower in the medium term. The oil market was also reacting to a tightened inventory scenario, said John Evans, analyst at PVM Oil Associates. US crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. "Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely and once again add a little fizz to proceedings," Evans said. Drone attacks on oilfields in Iraq's semi-autonomous Kurdistan region have slashed crude output by up to 150,000 barrels per day, two energy officials said on Wednesday, as infrastructure damage forced multiple shutdowns. Markets were continuing to look for signals of tighter supply or higher demand, but clarity was lacking, said Phil Flynn, senior analyst for Price Futures Group. "Everybody is waiting for the boogie man, but the boogie man hasn't shown up yet," Flynn said. Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday. Rainfall totals in Southeast Louisiana were expected to be about four inches (10 cm), according to the US National Hurricane Center. — Reuters
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
Geopolitical risks, lower inventory concerns boost crude oil prices
Agencies Houston Oil prices rose on Thursday despite what appears to be a breakthrough in global trade tensions, as analysts pointed to falling inventory levels and the return of geopolitical risks in the Middle East as key factors supporting the market. Brent crude futures climbed by 17 cents, or around 0.3 percent, to reach $68.69 per barrel as of 10:50 GMT. Meanwhile, US West Texas Intermediate (WTI) crude futures rose by 35 cents, or 0.5 percent, to $66.73 per barrel. US President Donald Trump stated that notification letters regarding US tariff rates for smaller nations would be sent soon. He also hinted at the possibility of reaching an agreement with China on illegal narcotics, as well as a potential deal with theEuropean Union. Ashley Kelty, analyst at Panmure Liberum, said: 'Prices are expected to remain volatile in the near term due to uncertainty over the final scope of US tariffs and their impact on global economic growth,' adding that prices could stabilise at lower levels in themedium term. John Evans, analyst at PVM Oil Associates, said that Thursday's oil market also responded to a tightening inventoryscenario. The International Energy Agency stated last week that recent increases in oil production have not translated into higher inventory levels, suggesting that markets remain thirsty for additional crude. Evans noted: 'Oil market focus had recently shifted away from the Middle East, but the reminder of Israel's strikes in Syria, along with drone attacks on oil infrastructure in Iraqi Kurdistan, came at a fitting time to reintroduce some tension and energy into the scene.' According to two energy officials on Wednesday, drone strikes on oil fields in Iraq's semi-autonomous Kurdistan region reduced crude output by up to 150,000 barrels per day, due to infrastructure damage that forced production to halt at multiple sites. Giovanni Staunovo, commodity analyst at UBS, said: 'So far, market indicators suggest that the physical oil market remains undersupplied,' while also warning that continued trade tensions could weigh on the outlook for oil demand growth, posing downside risks to prices. The US dollar recovered during Thursday's trading after President Donald Trump dismissed fresh rumors of his intent to fire Federal Reserve Chair Jerome Powell. Meanwhile, a strong earnings season helped end a four-day losing streak for European stock markets. The pan-European Stoxx 600 index opened notably higher, supported by record order volumes announced by Swiss engineering giant ABB, and a record profit of $13.5 billion reported by Taiwanese chipmaker TSMC. Investor sentiment was also buoyed by renewed optimism over a potential trade agreement between the EU and the US following talks in Washington. Markets were also awaiting key US data on retail sales and jobless claims for further insight into how tariffs are impacting the economy, alongside the European Commission's proposal for a significant increase in the EU budget. Currency markets remained the primary focus. The US dollar rose 0.4 percent to $1.16 per euro, rebounding to levels seen before what Société Générale analyst Kit Juckes called 'Wednesday's madness,' when reports that Trump was preparing to fire Powell sent markets into a brief panic—before Trump later denied the claim. In Japan, the dollar found additional support as polls showed that Prime Minister Shigeru Ishiba's coalition risked losing its Senate majority in upcoming elections. This political uncertainty pushed the yen to its weakest level since April, trading at 148.73 per dollar. Data also showed that Japanese exports are beginning to suffer from tariffs, with shipments declining for a second straight month. Meanwhile, the Australian dollar dropped 1 percent overnight following weak employment data. Juckes noted: 'The market is heavily exposed against the dollar, and now that we're deep into summer, some investors have begun buying the greenback again.' US equity futures pointed to a slightly higher open on Wall Street later in the day. In Europe, stocks rose 0.7 percent, snapping a four-day losing streak, while Asian markets saw gains between 0.3 percent and 0.6 percent, including the Nikkei, Taiwan Weighted and China's CSI.
Business Recorder
6 days ago
- Business
- Business Recorder
Oil rises on Mideast risk, tight supply
HOUSTON: Oil prices rose on Thursday as analysts pointed to low inventories and renewed Middle East risks as factors supporting the market. Brent crude futures were up 23 cents, or 0.3%, to $68.75 a barrel by 11:04 a.m. ET (1504 GMT), while US West Texas Intermediate crude futures rose 67 cents, or 1%, to $67.05 a barrel. US President Donald Trump has said letters notifying smaller countries of their US tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. 'Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of US tariffs and the resultant impact on global growth,' said Ashley Kelty, an analyst at Panmure Liberum, adding that prices would likely settle lower in the medium term. Oil eases 1% as US fuel stock builds put focus on demand The oil market was also reacting to a tightened inventory scenario, said John Evans, analyst at PVM Oil Associates. US crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. 'Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely and once again add a little fizz to proceedings,' Evans said. Drone attacks on oilfields in Iraq's semi-autonomous Kurdistan region have slashed crude output by up to 150,000 barrels per day, two energy officials said on Wednesday, as infrastructure damage forced multiple shutdowns. Markets were continuing to look for signals of tighter supply or higher demand, but clarity was lacking, said Phil Flynn, senior analyst for Price Futures Group. 'Everybody is waiting for the boogie man, but the boogie man hasn't shown up yet,' Flynn said. Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday. Rainfall totals in Southeast Louisiana were expected to be about four inches (10 cm), according to the US National Hurricane Center.
Reuters
6 days ago
- Business
- Reuters
Oil rises on Mideast risk, tight supply
HOUSTON, July 17 (Reuters) - Oil prices rose on Thursday as analysts pointed to low inventories and renewed Middle East risks as factors supporting the market. Brent crude futures were up 23 cents, or 0.3%, to $68.75 a barrel by 11:04 a.m. ET (1504 GMT), while U.S. West Texas Intermediate crude futures rose 67 cents, or 1%, to $67.05 a barrel. U.S. President Donald Trump has said letters notifying smaller countries of their U.S. tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. "Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of U.S. tariffs and the resultant impact on global growth," said Ashley Kelty, an analyst at Panmure Liberum, adding that prices would likely settle lower in the medium term. The oil market was also reacting to a tightened inventory scenario, said John Evans, analyst at PVM Oil Associates. U.S. crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. "Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely and once again add a little fizz to proceedings," Evans said. Drone attacks on oilfields in Iraq's semi-autonomous Kurdistan region have slashed crude output by up to 150,000 barrels per day, two energy officials said on Wednesday, as infrastructure damage forced multiple shutdowns. Markets were continuing to look for signals of tighter supply or higher demand, but clarity was lacking, said Phil Flynn, senior analyst for Price Futures Group. "Everybody is waiting for the boogie man, but the boogie man hasn't shown up yet," Flynn said. Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday. Rainfall totals in Southeast Louisiana were expected to be about four inches (10 cm), according to the U.S. National Hurricane Center.
