Latest news with #Commerzbank
Business Recorder
3 days ago
- Business
- Business Recorder
Oil prices head for weekly drop as OPEC+ may discuss larger output hike for July
LONDON: Oil prices were steady on Friday and headed for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. Brent crude futures fell by 18 cents, or 0.28%, to $63.97 a barrel by 1308 GMT. U.S. West Texas Intermediate crude fell by 18 cents, or 0.3%, to $60.76 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 33 cents lower, or 0.5%, at $63.02 per barrel. At these levels, the front-month benchmark contracts were headed for weekly losses over 1%. Price moves 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) that the group had made for May and June. Oil prices fall on demand concerns in volatile session 'The oil price would probably only come under greater pressure if the oil-producing countries were to increase their production even more than in previous months or give indications that there will be similarly high production increases in the following months,' Commerzbank analysts said earlier on Friday in a note, published before the news. The potential 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 they expect prices to remain within the current range before easing into the high $50s by year-end. U.S. President Donald 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. Oil prices were down more than 1% on Thursday. The appeals court's decision pushed Brent to the bottom of its recent tight range, Investec's head of commodities Callum Macpherson said. Oil prices have lost more than 10% since Trump announced his 'Liberation Day' tariffs on April 2. Also pressuring prices, U.S. consumer spending slowed in April, according to data published on Friday.
CNA
3 days ago
- Business
- CNA
Oil prices head for weekly drop as OPEC+ may discuss larger output hike for July
LONDON :Oil prices were flat on Friday and heading for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. Brent crude futures fell by 9 cents, or 0.14 per cent, to $64.06 a barrel by 1201 GMT. U.S. West Texas Intermediate crude fell by 15 cents, or 0.25 per cent, to $60.79 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 19 cents lower, or 0.3 per cent, at $63.16 per barrel. At these levels, the front-month benchmark contracts were headed for weekly losses of a little over 1 per cent. Price moves 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) that the group had made for May and June. "The oil price would probably only come under greater pressure if the oil-producing countries were to increase their production even more than in previous months or give indications that there will be similarly high production increases in the following months," Commerzbank analysts said earlier on Friday in a note, published before the news. The potential 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 they expect prices to remain within the current range before easing into the high $50s by year-end. U.S. President Donald 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. Oil prices were down more than 1 per cent on Thursday. The appeals court's decision pushed Brent to the bottom of its recent tight range, Investec's head of commodities Callum Macpherson said. "The narrow $63-67 per barrel range that has confined Brent for much of this month might be hard to sustain given the uncertainties facing oil markets," Macpherson said.
Globe and Mail
3 days ago
- Business
- Globe and Mail
Oil prices on track to decline for second week ahead of expected OPEC+ production increase
Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Brent crude futures gained 23 cents, or 0.36 per cent, to US$64.38 a barrel by 5:49 a.m. ET. U.S. West Texas Intermediate crude rose by 32 cents, or 0.53 per cent, to US$61.26 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 30 cents higher, or 0.47 per cent, at US$63.65 per barrel. The two front-month contracts were headed for a marginal weekly decrease of roughly 0.5 per cent. Investors have priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday. 'The stage is set for another bumper production increase,' Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. Commerzbank analysts said that the oil price had fallen after media reports that some delegates had already indicated that they would probably decide on a further significant increase in production. 'The actual announcement is therefore likely to have only a limited effect,' they said in a note. The potential hike comes as the global surplus has widened to 2.2 million barrels per day, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note. In the U.S., Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1 per cent on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts. Oil prices have lost more than 10 per cent since Trump announced his 'Liberation Day' tariffs on April 2.
Zawya
3 days ago
- Business
- Zawya
Oil set for slight weekly decline as market eyes another OPEC+ output hike
LONDON - Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Brent crude futures gained 23 cents, or 0.36%, to $64.38 a barrel by 0949 GMT. U.S. West Texas Intermediate crude rose by 32 cents, or 0.53%, to $61.26 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 30 cents higher, or 0.47%, at $63.65 per barrel. The two front-month contracts were headed for a marginal weekly decrease of roughly 0.5%. Investors have priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday. "The stage is set for another bumper production increase," Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. Commerzbank analysts said that the oil price had fallen after media reports that some delegates had already indicated that they would probably decide on a further significant increase in production. "The actual announcement is therefore likely to have only a limited effect," they said in a note. The potential 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. In the U.S., Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1% on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts. Oil prices have lost more than 10% since Trump announced his "Liberation Day" tariffs on April 2.
CNA
3 days ago
- Business
- CNA
Oil set for slight weekly decline as market eyes another OPEC+ output hike
LONDON :Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Brent crude futures gained 23 cents, or 0.36 per cent, to $64.38 a barrel by 0949 GMT. U.S. West Texas Intermediate crude rose by 32 cents, or 0.53 per cent, to $61.26 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 30 cents higher, or 0.47 per cent, at $63.65 per barrel. The two front-month contracts were headed for a marginal weekly decrease of roughly 0.5 per cent. Investors have priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday. "The stage is set for another bumper production increase," Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. Commerzbank analysts said that the oil price had fallen after media reports that some delegates had already indicated that they would probably decide on a further significant increase in production. "The actual announcement is therefore likely to have only a limited effect," they said in a note. The potential 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. In the U.S., Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1 per cent on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts.
