Latest news with #Brent
The Star
5 hours ago
- Business
- The Star
Oil settles down on possible Opec+ output hike
Brent crude futures settled down 25 cents, or 0.39%, at US$63.90 a barrel. US West Texas Intermediate crude finished down 15 cents, or 0.25%, at US$60.79 a barrel. HOUSTON: US crude futures fell on Friday as traders expected Opec+ would decide on Saturday to boost oil output for July beyond previous forecasts. Brent crude futures settled down 25 cents, or 0.39%, at US$63.90 a barrel. US West Texas Intermediate crude finished down 15 cents, or 0.25%, at US$60.79 a barrel, having earlier dropped more than US$1 a barrel.
Business Times
7 hours ago
- Business
- Business Times
Oil finishes down on possible OPEC+ output hike
[HOUSTON] US crude futures fell on Friday (May 30) as traders expected Opec+ would decide on Saturday to boost oil output for July beyond previous forecasts. Brent crude futures settled down 25 cents, or 0.39 per cent, at US$63.90 a barrel. US West Texas Intermediate crude finished down 15 cents, or 0.25 per cent, at US$60.79 a barrel, having earlier dropped more than US$1 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was down 71 cents, or 1.12 per cent, at US$62.64 a barrel. At these levels, the front-month benchmark contracts were headed for weekly losses over 1 per cent. Prices dipped into negative territory after Reuters reported that Opec+ may discuss an increase in July output larger than the 411,000 barrels per day (bpd) rise that the group decided on for May and June. 'What Opec+ is planning doesn't look particularly supportive for the oil market,' said Matt Smith, Kpler's lead analyst for the Americas. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The potential Opec+ output hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note, adding that they expected prices to remain within the current range before easing into the high US$50s by year-end. Phil Flynn, a senior analyst with Price Futures Group, said an online post on Truth Social by US President Donald Trump that seemed to threaten more changes in tariff levels for Chinese imports also put pressure on crude prices. 'Trump's Truth Social message on China failing to observe a truce on tariffs also combined with the Reuters headline to push prices down,' Flynn said. Trump's tariffs were expected to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision a day earlier to put an immediate block on the sweeping duties. US energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row to the lowest since November 2021, energy services firm Baker Hughes said in its closely followed report on Friday. It was the first time since September 2023 that the number of rigs declined for five straight weeks. Baker Hughes said this week's decline put the total count down by 37 rigs, or 6 per cent, from this time last year. Oil rigs fell by four to 461 this week, their lowest since November 2021, the company said. Gas rigs rose by one to 99. REUTERS
The Market Online
8 hours ago
- Business
- The Market Online
@ the Bell: TSX closes lower as trade fears resurface
Equities in Canada's largest centre moved lower on Friday, weighed down by renewed trade tensions after US President Donald Trump accused China on social media of breaching a tariff agreement. This concern overshadowed otherwise positive news about the country's economic growth. The telecom sector once again led gains for the TSX. Trump's claim that China violated the initial trade deal has reignited fears of a prolonged trade war between the two nations. Meanwhile, the US administration's aggressive tariff strategy remains mired in legal uncertainty. Investors are now left questioning whether a lasting trade agreement between the US and China is achievable anytime soon. The S&P finished up its best month since June 2023. The Canadian dollar traded for 72.86 cents US compared to 72.42 cents US on Thursday. US crude futures traded $0.20 lower at US$60.74 a barrel, and the Brent contract lost $0.24 to US$63.93 a barrel. The price of gold was down US$27.70 to US$3,293.72. In world markets, the Nikkei was down 467.88 points to ¥37,965.10, the Hang Seng was down 283.61 points to HK$23,289.77 the FTSE was up 55.93 points to ₤8,772.38, and the DAX was up 64.25 points to €23,997.48. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
New Indian Express
9 hours ago
- Business
- New Indian Express
Crude prices will be around $65 per barrel: Puri
Petroleum minister Hardeep Singh Puri on Friday said oil prices will be around $65 per barrel as ample supplies are available in the market. Puri, while speaking at the CII Annual Business Summit 2025 in New Delhi, also mentioned that it is highly unlikely that prices will touch $80 per barrel. 'My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel," said Puri. He further added that high spare production capacity is weighing on the oil market. 'Even when there are disruptions, the market knows that more supply is available,' he added. Brent crude has been trading between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. The minister also lamented that the country's current gas share in the energy mix still lingers at just about 6-7%.
Economic Times
10 hours ago
- Business
- Economic Times
ET Market Watch: Sensex Falls 182 pts, Nifty Below 24,800
Indian benchmark indices closed in the red on Friday, dragged down by renewed concerns over U.S. tariffs that pressured IT and auto stocks, overshadowing the broader market optimism ahead of the release of domestic GDP data later in the day. Transcript Indian benchmark indices closed in the red on Friday, dragged down by renewed concerns over U.S. tariffs that pressured IT and auto stocks, overshadowing the broader market optimism ahead of the release of domestic GDP data later in the BSE Sensex declined 182 points to close at 81,451, while the NSE Nifty slipped 82.90 points to settle at 24, dragsTech Mahindra, HCL Tech, Infosys, Bajaj AutoTop gainersReliance Power, Suzlon & BSEExpert View:Market remained in consolidation modeRSI showed bearish signalsNifty faced resistance at 24,800, support at 24,700Global cues:MSCI World Index posted a 5% monthly gainDollar strengthened with rising U.S. yieldsNikkei and Hang Seng slipped on profit bookingCrude Update:Brent held at $64.38 but logged second weekly lossRupee Movement:Ended at 85.57/$ — lost nearly 1% in May, ending a 2-month rallyDespite Friday's dip, Nifty gained 1.7% in May | Sensex rose 1.5%Both up ~12% since March!
