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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.
Shafaq News
17-05-2025
- Business
- Shafaq News
Oil posts weekly gain but remains under supply hike pressure
Shafaq News/ Oil settled higher on Friday, notching a second straight week of gains on easing U.S.-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 U.S. 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. U.S. President Donald Trump said on Thursday the U.S. 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 U.S. 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 U.S. supply side, oil rigs fell by 1 to 473 this week, their lowest since January, energy services firm Baker Hughes (BKR.O), opens new tab 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.
Business Times
16-05-2025
- Business
- Business Times
Oil posts weekly gain but remains under supply hike pressure
[HOUSTON] Oil settled higher on Friday (May 16), 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+ (Organization of the Petroleum Exporting Countries). Brent crude futures settled up 88 US cents or 1.4 per cent at US$65.41 per barrel, while US West Texas Intermediate crude futures closed 87 cents or 1.4 per cent higher at US$62.49. The benchmarks posted a weekly rise of 1 per cent and 2.4 per cent, respectively. The contracts fell by more than 2 per cent 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 resurfaced 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. 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 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. REUTERS
Mint
16-05-2025
- Business
- Mint
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 U.S.-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 U.S. 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. U.S. President Donald Trump said on Thursday the U.S. 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 U.S. 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 U.S. 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. This article was generated from an automated news agency feed without modifications to text.
Business Recorder
02-05-2025
- Business
- Business Recorder
Oil prices little changed
HOUSTON: Oil held steady on Thursday after strong earnings from Meta and Microsoft supported US equities and postponement of US-Iran talks offset concerns about the US economy and the prospect of higher OPEC+ oil output. US West Texas Intermediate crude futures eased 15 cents or 0.3% to $58.04 a barrel by 12:30 p.m. ET (1630 GMT). Brent crude futures fell 18 cents or 0.2% to $60.90. Both contracts fell over 1% earlier. 'Crude remains in the crosshairs of lower prices near term as OPEC+ is signaling production, which will likely get approval at next week's OPEC meeting,' said Dennis Kissler, senior vice president of trading at BOK Financial. 'The GDP number for the US showed a slight contraction and consumer confidence has also drifted lower, which has pushed most long hedge funds away from the buying side of crude on demand concerns,' Kissler added. Wall Street stocks rallied and gold prices slid on Thursday as solid earnings from big tech bolstered investor risk appetite. Meanwhile, a fourth round of talks between the United States and Iran, which had been due to take place in Rome on Saturday, has been postponed and a new date will be set 'depending on the US approach,' a senior Iranian official told Reuters on Thursday. Concern about higher supply also weighed on prices. Saudi Arabia is telling allies and industry experts that it is unwilling to prop up the oil market with supply cuts and can manage a prolonged period of low prices, sources told Reuters. Several OPEC+ members will suggest the group accelerates output hikes in June for a second consecutive month, three people familiar with OPEC+ talks have said. Eight OPEC+ countries will meet on May 5 to decide a June output plan. Meanwhile, the US economy contracted for the first time in three years in the first quarter, data showed on Wednesday, swamped by a flood of imports as businesses raced to avoid higher costs from tariffs and underscoring the disruptive impact of President Donald Trump's unpredictable trade policy. Trump's tariffs have made it probable the global economy will slip into recession this year, a Reuters poll suggested. US crude oil stockpiles fell unexpectedly by 2.7 million barrels last week on higher export and refinery demand, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 429,000-barrel rise.
