Latest news with #HarryTchilinguirian
Business Recorder
2 days ago
- Business
- Business Recorder
Oil prices climb on geopolitical tension concerns
NEW YORK: Oil prices climbed about 2% on Tuesday to a two-week high, as persistent geopolitical tensions between Russia and Ukraine and the US and Iran looked set to keep sanctions on both Russia and Iran in place for longer. Brent crude futures rose $1.11, or 1.7%, to $65.74 a barrel at 11:21 a.m. EDT (1521 GMT), while US West Texas Intermediate (WTI) crude rose $1.17, or 1.9%, to $63.69. That puts Brent on track for its highest close since May 14 and WTI on track for its highest close since May 13. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. Russia said work on trying to reach a settlement to end the war in Ukraine was extraordinarily complex and that it would be wrong to expect any imminent decisions but that it was waiting for Ukrainian reaction to its proposals. Russia is a member of the OPEC+ group of countries and was the world's second biggest producer of crude in 2024 behind only the US, according to US energy data. OPEC+ includes the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia. 'More importantly for the barrel count, there is the to and fro between the US and Iran regarding uranium enrichment,' Onyx Capital's Tchilinguirian said. Iran was set to reject a US nuclear deal proposal that would be key to easing sanctions on the major oil producer. Iran was the third biggest producer of crude in OPEC behind Saudi Arabia and Iraq in 2024, according to US energy data. In Canada, wildfires burning in Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. In Europe, Euro zone inflation eased below the European Central Bank's (ECB) target last month on surprisingly benign services costs, underpinning expectations for further policy easing even as global trade tensions fuel longer-term price pressures. Central banks like the ECB use interest rates to keep inflation in check. Lower interest rates can spur economic growth and demand for oil by reducing consumer borrowing costs. The Organisation for Economic Co-operation and Development (OECD), however, revised down its forecast for global economic growth as the fallout from US President Donald Trump's trade war takes a bigger toll on the US economy. The Trump administration said it wants countries to provide their best offers on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners ahead of a self-imposed deadline in five weeks.
Business Recorder
2 days ago
- Business
- Business Recorder
Oil prices climb 2% to 2-week high on geopolitical tension concerns
LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7%, to $65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, to $62.83. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. 'But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment.' Oil leaps 4% after OPEC+ keeps output increase unchanged Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
The Star
2 days ago
- Business
- The Star
Oil edges up as geopolitical concerns and weaker dollar support
JAKARTA/SINGAPORE (Reuters): Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a US nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7%, to US$65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, to US$62.83. "Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend," said analyst Harry Tchilinguirian of Onyx Capital Group. "But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment." Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. "Crude oil prices continue to rise, supported by the weakening dollar," said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports. (Additional reporting by Michele Pek and Anjana Anil; Editing by David Evans and Susan Fenton) - Reuters
Business Recorder
2 days ago
- Business
- Business Recorder
Oil edges up as geopolitical concerns and weaker dollar support
LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7%, to $65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, to $62.83. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. 'But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment.' Oil leaps 4% after OPEC+ keeps output increase unchanged Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
CNA
2 days ago
- Business
- CNA
Oil edges up as geopolitical concerns and weaker dollar support
LONDON :Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3 per cent on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7 per cent, to $65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5 per cent, to $62.83. "Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend," said analyst Harry Tchilinguirian of Onyx Capital Group. "But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment." Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. "Crude oil prices continue to rise, supported by the weakening dollar," said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7 per cent of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
