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The Star
28-05-2025
- Business
- The Star
Oil eases as US-Iran talks, Opec+ plans spur supply concerns
Brent crude futures closed down 65 cents, or 1%, at US$64.09 a barrel, while US West Texas Intermediate crude fell 64 cents, or around 1.04%, to US$60.89 a barrel. HOUSTON: Oil prices settled 1% lower on Tuesday as investors worried about a supply glut after Iranian and US delegations made progress in their talks and on expectations that Opec+ will decide to increase output at a meeting this week. Brent crude futures closed down 65 cents, or 1%, at US$64.09 a barrel, while US West Texas Intermediate crude fell 64 cents, or around 1.04%, to US$60.89 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 US 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 (US) deal," said Dennis Kissler, senior vice president of trading at BOK Financial. If nuclear talks between the US 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. Also on the supply side, US crude oil stockpiles likely rose by about 500,000 barrels last week, a preliminary Reuters poll found on Tuesday. Supporting prices, US 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. — Reuters
Business Times
27-05-2025
- Business
- Business Times
Oil prices ease as US-Iran talks, Opec+ plans spur supply concerns
[HOUSTON] Oil prices settled 1 per cent lower on Tuesday as investors worried about a supply glut after Iranian and US delegations made progress in their talks and on expectations that Opec+ will decide to increase output at a meeting this week. Brent crude futures closed down 65 cents, or 1 per cent, at US$64.09 a barrel, while US West Texas Intermediate crude fell 64 cents, or around 1.04 per cent, to US$60.89 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 US 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 (US) deal,' said Dennis Kissler, senior vice-president of trading at BOK Financial. 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 If nuclear talks between the US 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. Also on the supply side, US crude oil stockpiles likely rose by about 500,000 barrels last week, a preliminary Reuters poll found on Tuesday. 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. REUTERS
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.
Yahoo
21-05-2025
- Business
- Yahoo
Oil pares price gains as rising US inventories outweigh Middle East supply fears
Oil trimmed gains on Wednesday as concerns over possible Middle East supply disruptions were offset by a jump in US inventories, indicating waning demand. During mid-morning trading, West Texas Intermediate (CL=F) futures rose 0.1% to hover near $62.10 per barrel, erasing gains of more than 1.5%. Brent crude (BZ=F), the international benchmark, was also trading modestly higher, near $65.30. Futures briefly turned negative after data from the Energy Information Administration showed US crude stockpiles rose for a fourth consecutive week. Inventories of refined products, especially gasoline, also increased. Oil prices spiked overnight after CNN reported that new US intelligence suggests Israel is preparing a possible strike on Iranian nuclear facilities. Iran is the third-largest producer of the Organization of Petroleum Exporting Countries (OPEC), with output of more than 3 million barrels per day. The US had been negotiating a nuclear peace agreement with Tehran, with President Trump even hinting last week that a deal was close. However, the talks appear to have stalled over key sticking points—chiefly Iran's insistence on enriching uranium. "There is a lot of 'what if's' that's keeping crude prices in a nervous type of trade," wrote Dennis Kissler, senior vice president of trading at BOK Financial, in a note on Tuesday. Several factors have kept a lid on oil prices in recent weeks, despite a rally from their April lows. In early April, OPEC+ announced it would raise production starting in May. The oil cartel later agreed to further increase output in June. Higher production than expected from OPEC producer Kazakhstan also indicates more supply in the market. 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
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.
