Latest news with #HarryTchiliguirian
Zawya
31-07-2025
- Business
- Zawya
Oil prices ease as market weighs Trump tariff threats and US stock build
LONDON - Oil prices fell on Thursday as investors weighed the supply risks from U.S. President Donald Trump's push for a swift resolution to the war in Ukraine through more tariffs, while a surprise build in U.S. crude stocks on Wednesday also weighed on prices. Brent crude futures for September, set to expire on Thursday, declined by 61 cents, or 0.83%, to $72.63 a barrel by 1326 GMT. U.S. West Texas Intermediate crude for September fell 68 cents, or 0.97%, to $69.32. Both benchmarks lost ground on Thursday after recording 1% gains on Wednesday. "The market front-runs the implications of President Trump's announcements before remembering that these policy intentions can turn on a dime if he can strike a deal," said Harry Tchiliguirian at Onyx Capital Group. "We're seeing a re-evaluation until there is more clarity," he added. Trump said he would start imposing measures on Russia, including 100% secondary tariffs on its trading partners, if it did not make progress on ending the war in Ukraine within 10-12 days, moving up an earlier 50-day deadline. The U.S. has also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it kept buying. On Wednesday, the U.S. Treasury Department announced fresh sanctions on more than 115 Iran-linked individuals, entities and vessels, stepping up the Trump administration's "maximum pressure" campaign after bombing Iranian nuclear sites in June. Meanwhile, U.S. crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by lower exports, the Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.3 million barrels. Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels. "U.S. inventory data showed a surprise build in crude stocks, but a bigger than expected gasoline draw supported the view of strong driving season demand, resulting in neutral impact on the oil market," said Fujitomi Securities analyst Toshitaka Tazawa.
Reuters
31-07-2025
- Business
- Reuters
Oil prices ease as market weighs Trump tariff threats and US stock build
LONDON, July 31 (Reuters) - Oil prices edged down on Thursday as investors weigh the supply risks from U.S. President Donald Trump's push for a swift resolution to the war in Ukraine through more tariffs while a surprise build in U.S. crude stocks weighed on prices. Brent crude futures for September , set to expire on Thursday, declined 60 cents, or 0.8%, to $72.64 a barrel by 0955 GMT. U.S. West Texas Intermediate crude for September fell 58 cents, also 0.8%, to $69.42. Both benchmarks chalked up 1% gains on Wednesday. "The market front-runs the implications of President Trump's announcements before remembering that these policy intentions can turn on a dime if he can strike a deal," said Harry Tchiliguirian at Onyx Capital Group. We're seeing a re-evaluation until there is more clarity, he added. Trump said he would start imposing measures on Russia, including 100% secondary tariffs on its trading partners, if it did not make progress on ending the war in Ukraine within 10-12 days, moving up an earlier 50-day deadline. The U.S. has also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it kept buying. On Wednesday, the U.S. Treasury Department announced fresh sanctions on more than 115 Iran-linked individuals, entities and vessels, stepping up the Trump administration's "maximum pressure" campaign after bombing Iranian nuclear sites in June. Meanwhile, U.S. crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by lower exports, the Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.3 million barrels. Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels. "U.S. inventory data showed a surprise build in crude stocks, but a bigger than expected gasoline draw supported the view of strong driving season demand, resulting in neutral impact on the oil market," said Fujitomi Securities analyst Toshitaka Tazawa.
Reuters
31-07-2025
- Business
- Reuters
Oil prices steady as market weighs Trump tariff threats and US stocks build
LONDON, July 31 (Reuters) - Oil prices were little changed on Thursday as investors weigh the supply risks from U.S. President Donald Trump's push for a swift resolution to the war in Ukraine through more tariffs while a surprise build in U.S. crude stocks weighed on prices. Brent crude futures for September , set to expire on Thursday, rose 4 cents, or 0.05%, to $73.28 a barrel by 0812 GMT. U.S. West Texas Intermediate crude for September also rose 4 cents, or 0.06%, to $70.04. Both benchmarks chalked up 1% gains on Wednesday. "We're looking for more clarity on the nature of new tariffs or implementation of sanctions on Russia," said Harry Tchiliguirian at Onyx Capital Group. The U.S. President's history of imposing policies and then changing them a few days later has resulted in traders and analysts hesitating to price them in, Tchiliguirian added. Trump said he would start imposing measures on Russia, including 100% secondary tariffs on its trading partners, if it did not make progress on ending the war in Ukraine within 10-12 days, moving up an earlier 50-day deadline. The U.S. has also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it kept buying. On Wednesday, the U.S. Treasury Department announced fresh sanctions on more than 115 Iran-linked individuals, entities and vessels, stepping up the Trump administration's "maximum pressure" campaign after bombing Iranian nuclear sites in June. Meanwhile, U.S. crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by lower exports, the Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.3 million barrels. Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels. "U.S. inventory data showed a surprise build in crude stocks, but a bigger than expected gasoline draw supported the view of strong driving season demand, resulting in neutral impact on the oil market," said Fujitomi Securities analyst Toshitaka Tazawa.
The Star
22-07-2025
- Business
- The Star
Oil prices inch down on expected minimal sanctions impact
LONDON: Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futures dropped 20 cents, or 0.3%, to $69.08 a barrel by 1100 GMT after settling 0.35% down on Friday. U.S. West Texas Intermediate crude eased by 6 cents, or 0.1%, to $67.28 after a 0.3% decline in the previous session. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. "The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions." Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days. ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce. Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday. U.S. tariffs on European Union imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc. "Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore. "It feels very much like a $64-$70 range in play for the week ahead." Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war. - Reuters
Business Recorder
21-07-2025
- Business
- Business Recorder
Oil prices inch down on expected minimal sanctions impact
LONDON: Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futures dropped 20 cents, or 0.3%, to $69.08 a barrel by 1100 GMT after settling 0.35% down on Friday. U.S. West Texas Intermediate crude eased by 6 cents, or 0.1%, to $67.28 after a 0.3% decline in the previous session. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. 'The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much,' said Harry Tchiliguirian at Onyx Capital Group. 'Russians have been very good at circumventing these kinds of sanctions.' Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days. ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce. Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday. U.S. tariffs on European Union imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc. 'Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply,' said IG market analyst Tony Sycamore. 'It feels very much like a $64-$70 range in play for the week ahead.' Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.
