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Khaleej Times
27-05-2025
- Business
- Khaleej Times
Oil prices dip as US-Iran talks, OPEC+ plans spur supply concerns
Oil prices fell more than 1% on Tuesday, spurred by worries of a supply glut after Iranian and U.S. delegations made progress in their talks and on expectations that OPEC+ will decide to increase output at a meeting this week. Brent crude futures were down 90 cents, or 1.4%, at $63.86 a barrel by 1:25 p.m. ET (1725 GMT). U.S. West Texas Intermediate crude fell 90 cents, or around 1.5%, to $60.63 a barrel. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is not expected to change policy at a meeting on Wednesday. However, another meeting on Saturday is likely to agree to a further accelerated oil output hike for July, three delegates from the group told Reuters. Meanwhile, Iranian and U.S. delegations wrapped up a fifth round of talks in Rome last week. While signs of limited progress emerged, there were many points of disagreement that were hard to breach, notably the issue of Iran's uranium enrichment. "OPEC+ also meets next week where they will likely agree on further output increases, which, if it occurs, will be a major near-term headwind for crude, especially if Iran adds barrels in the possible (U.S.) deal," said Dennis Kissler, senior vice president of trading at BOK Financial. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian oil supply, while any resolution could add Iranian supply to the market. Supporting prices, U.S. President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand. Wall Street rose on Trump's trade reprieve. Easing trade concerns were supportive, said UBS analyst Giovanni Staunovo, adding that upside to prices remains limited until it is clear what OPEC+ will decide on Saturday. Also helping prices, a wildfire in the Canadian province of Alberta prompted the temporary shutdown of some oil and gas production.
Business Recorder
18-05-2025
- Business
- Business Recorder
Oil posts weekly gain but remains under supply hike pressure
HOUSTON: Oil settled higher on Friday, notching a second straight week of gains on easing US-China trade tensions, although prices were held back by expectations of higher supply from Iran and OPEC+. Brent crude futures settled up 88 cents, or 1.4%, at $65.41 per barrel, while US West Texas Intermediate crude futures closed 87 cents, or 1.4% higher at $62.49. The benchmarks posted a weekly rise of 1% and 2.4% respectively. The contracts fell by more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in an easing of sanctions that could see Iranian crude return to the global market. 'Expected increases in OPEC+ oil production along with a more probable Iranian nuclear agreement has re-surfaced the bear trade,' said Dennis Kissler, senior vice president of trading at BOK Financial. 'Near term, with geopolitical temperatures cooling, a strong seasonal travel demand will be needed in the coming months to counter the expected rises in supplies,' Kissler added. US President Donald Trump said on Thursday the US was nearing a nuclear deal with Iran, with Tehran 'sort of' agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve. ING analysts wrote in a note that a nuclear deal lifting sanctions would allow Iran to increase oil output, resulting in additional supply of around 400,000 barrels per day. Investor sentiment was boosted this week by the US and China, the world's two biggest oil consumers and economies, agreeing to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty reciprocal tariffs had raised concerns about a sharp blow to global growth and oil demand. Analysts at BMI, a unit of Fitch Solutions, said in a research report, however, that 'while the 90-day cooling off period leaves the door open for additional progress on lowering trade barriers on both sides, the uncertainty on longer-term trade policy will limit price upside.' Keeping a lid on supply additions, Kyiv and Moscow failed to agree to a ceasefire at their first direct talks in more than three years, with Russia presenting conditions that a Ukrainian source described as 'non-starters'. Israel struck Yemen's Red Sea ports of Hodeidah and Salif on Friday, continuing its campaign to degrade Houthi military capabilities. On the US supply side, oil rigs fell by 1 to 473 this week, their lowest since January, energy services firm Baker Hughes said in its closely followed report on Friday. The dollar rose on Friday after the latest round of economic data showed a jump in import prices while consumer sentiment remained subdued, putting it on pace for a fourth straight weekly advance.
Shafaq News
17-05-2025
- Business
- Shafaq News
Oil posts weekly gain but remains under supply hike pressure
Shafaq News/ Oil settled higher on Friday, notching a second straight week of gains on easing U.S.-China trade tensions, although prices were held back by expectations of higher supply from Iran and OPEC+. Brent crude futures settled up 88 cents, or 1.4%, at $65.41 per barrel, while U.S. West Texas Intermediate crude futures closed 87 cents, or 1.4% higher at $62.49. The benchmarks posted a weekly rise of 1% and 2.4% respectively. The contracts fell by more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in an easing of sanctions that could see Iranian crude return to the global market. "Expected increases in OPEC+ oil production along with a more probable Iranian nuclear agreement has re-surfaced the bear trade," said Dennis Kissler, senior vice president of trading at BOK Financial. "Near term, with geopolitical temperatures cooling, a strong seasonal travel demand will be needed in the coming months to counter the expected rises in supplies," Kissler added. U.S. President Donald Trump said on Thursday the U.S. was nearing a nuclear deal with Iran, with Tehran "sort of" agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve. ING analysts wrote in a note that a nuclear deal lifting sanctions would allow Iran to increase oil output, resulting in additional supply of around 400,000 barrels per day. Investor sentiment was boosted this week by the U.S. and China, the world's two biggest oil consumers and economies, agreeing to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty reciprocal tariffs had raised concerns about a sharp blow to global growth and oil demand. Analysts at BMI, a unit of Fitch Solutions, said in a research report, however, that "while the 90-day cooling off period leaves the door open for additional progress on lowering trade barriers on both sides, the uncertainty on longer-term trade policy will limit price upside." Keeping a lid on supply additions, Kyiv and Moscow failed to agree to a ceasefire at their first direct talks in more than three years, with Russia presenting conditions that a Ukrainian source described as "non-starters". Israel struck Yemen's Red Sea ports of Hodeidah and Salif on Friday, continuing its campaign to degrade Houthi military capabilities. On the U.S. supply side, oil rigs fell by 1 to 473 this week, their lowest since January, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. The dollar rose on Friday after the latest round of economic data showed a jump in import prices while consumer sentiment remained subdued, putting it on pace for a fourth straight weekly advance.
Mint
16-05-2025
- Business
- Mint
Oil posts weekly gain but remains under supply hike pressure
HOUSTON -Oil settled higher on Friday, notching a second straight week of gains on easing U.S.-China trade tensions, although prices were held back by expectations of higher supply from Iran and OPEC . Brent crude futures settled up 88 cents, or 1.4%, at $65.41 per barrel, while U.S. West Texas Intermediate crude futures closed 87 cents, or 1.4% higher at $62.49. The benchmarks posted a weekly rise of 1% and 2.4% respectively. The contracts fell by more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in an easing of sanctions that could see Iranian crude return to the global market. "Expected increases in OPEC oil production along with a more probable Iranian nuclear agreement has re-surfaced the bear trade," said Dennis Kissler, senior vice president of trading at BOK Financial. "Near term, with geopolitical temperatures cooling, a strong seasonal travel demand will be needed in the coming months to counter the expected rises in supplies," Kissler added. U.S. President Donald Trump said on Thursday the U.S. was nearing a nuclear deal with Iran, with Tehran "sort of" agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve. ING analysts wrote in a note that a nuclear deal lifting sanctions would allow Iran to increase oil output, resulting in additional supply of around 400,000 barrels per day. Investor sentiment was boosted this week by the U.S. and China, the world's two biggest oil consumers and economies, agreeing to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty reciprocal tariffs had raised concerns about a sharp blow to global growth and oil demand. Analysts at BMI, a unit of Fitch Solutions, said in a research report, however, that "while the 90-day cooling off period leaves the door open for additional progress on lowering trade barriers on both sides, the uncertainty on longer-term trade policy will limit price upside." Keeping a lid on supply additions, Kyiv and Moscow failed to agree to a ceasefire at their first direct talks in more than three years, with Russia presenting conditions that a Ukrainian source described as "non-starters". Israel struck Yemen's Red Sea ports of Hodeidah and Salif on Friday, continuing its campaign to degrade Houthi military capabilities. On the U.S. supply side, oil rigs fell by 1 to 473 this week, their lowest since January, energy services firm Baker Hughes said in its closely followed report on Friday. The dollar rose on Friday after the latest round of economic data showed a jump in import prices while consumer sentiment remained subdued, putting it on pace for a fourth straight weekly advance. This article was generated from an automated news agency feed without modifications to text.
Yahoo
12-05-2025
- Business
- Yahoo
Oil jumps 4% as traders signal 'risk back on' after China-US trade truce
Oil jumped as much as 4% before paring gains Monday after a US-China trade truce sent the overall stock market and commodities higher. West Texas Intermediate (CL=F) futures rallied over 2% to hover near $62.50 per barrel. Brent crude (BZ=F), the international benchmark, also rebounded to trade above $65. Monday's oil price rally was exacerbated by a likely short position covering after talks between the US and China resulted in a 90-day pause on tariffs and substantial reduction of duties. "For traders it's a 'risk back on' signal which is triggering some short covering in crude," Dennis Kissler, senior vice president at BOK Financial said in a client note. Investors had feared the trade war would spark an economic slowdown, impacting oil demand. In other news, oil giant Saudi Aramco announced over the weekend it saw profits plunge last quarter, fueling speculation that Saudi Arabia, the leader of the Organization of Petroleum Exporting Countries and its allies (OPEC+) could push to curtail some of the cartel's recent production hike promises. Futures are down more than 12% year-to-date as fears of demand from a global trade ware and expectations of more supply from OPEC have weighed on prices. Last week US shale producer Diamondback warned domestic production had likely peaked and would decline in the coming quarters given the current prices. Goldman Sachs analysts see downside risks to oil if OPEC+ moves forward with its output increases, and even decides to raise in July too. "We expect solid supply growth outside US shale to weigh further on prices and on US shale supply, and update our estimates of the (mostly downside) risks to prices," Goldman's Daan Stuyven and his team wrote on Sunday night. The analysts forecast Brent to edge down and average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
