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See - Sada Elbalad
16-07-2025
- Business
- See - Sada Elbalad
Oil Prices Dip Amid Surprise Surge in US Inventories
Taarek Refaat Oil prices saw a slight decline on Wednesday, as a surprise increase in U.S. fuel inventories overshadowed signs of rising demand. The news also coincided with growing concerns over broader economic impacts from U.S. tariffs, which continued to weigh on the markets. Brent crude closed down by 19 cents, or 0.3%, at $68.52 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped 14 cents, or 0.2%, ending the day at $66.38 per barrel. Latest Oil Prices: WTI Crude $66.62 +0.10 +0.15% Brent Crude $68.69 -0.02 -0.03% Murban Crude $69.93 -0.17 -0.24% Louisiana Light $70.89 -1.54 -2.13% Bonny Light $78.62 -2.30 -2.84% Mars US $71.88 -1.03 -1.41% Gasoline $2.153 -0.017 -0.78% Natural Gas $3.565 +0.042 +1.19% Despite the ongoing expectations for increased demand, the unexpected inventory rise sent a ripple through the oil markets. According to the Energy Information Administration (EIA), U.S. gasoline stocks surged by 3.4 million barrels last week, while market analysts had forecast a decrease of 1 million barrels. The data further showed that distillate inventories, which include diesel and heating oil, jumped by 4.2 million barrels—vastly surpassing expectations of a mere 200,000 barrel increase. These figures are notable, as they could signal an oversupply in the short-term, affecting global oil prices. Conversely, commercial crude oil stocks fell by 3.9 million barrels to 422.2 million barrels, a larger drawdown than the forecasted 552,000 barrel reduction. This drop in crude reserves could signal stronger demand or more effective supply chain management, balancing out some of the negative signals from the fuel inventories. Geopolitical Tensions and Trade Concerns Loom Amid these market shifts, the broader geopolitical climate remains a significant influence on oil prices. The threat of escalating trade wars, particularly from U.S. President Donald Trump's policies, continues to cloud market forecasts. Trump recently warned of imposing heavy tariffs on Russia in the coming 50 days unless a resolution to the ongoing Ukraine conflict is reached, adding to investor uncertainty. Additionally, the European Commission is preparing for potential countermeasures should talks with Washington fail. These tensions have raised concerns about possible disruptions in global trade, which could further strain energy markets. In the U.S., reports that President Trump might seek to remove Federal Reserve Chairman Jerome Powell led to a sharp rise in short-term U.S. interest rate futures, prompting investors to bet on potential rate cuts beginning as soon as September. Looking forward, the Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly report projected that the global economy would improve in the second half of the year, driven by stronger growth in China, India, and Brazil, alongside recovery in the U.S. and the European Union. In China, state-run refineries ramped up production after completing maintenance, responding to surging demand in the third quarter. Barclays estimates that China's demand for oil grew by 400,000 barrels per day in the first half of the year, reaching 17.2 million barrels per day. However, the oil market faces ongoing disruptions from geopolitical tensions in the Middle East. Drone attacks on oil fields in Iraq's Kurdistan region, now continuing for the third consecutive day, have caused a loss in production of approximately 140,000 to 150,000 barrels per day. This supply shortfall, along with other regional instability, continues to impact the overall balance of supply and demand. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
04-04-2025
- Business
- See - Sada Elbalad
Oil Prices Lose 6.6% amid Tariffs, Production Increase
Taarek Refaat Oil prices have plunged further after President Donald Trump's tariffs and OPEC+'s decision to increase production at a faster rate than previously announced, leading to their worst decline since 2022. Brent crude futures fell 6.42% to settle at $70.14 a barrel. US crude futures also fell 6.64% to settle at $66.95 a barrel. Also, West Texas Intermediate (WTI) fell below $67 a barrel, after losing 6.6% on Thursday, while Brent crude closed near $70. This marked Brent's worst decline since August 1, 2022, while US crude recorded its worst decline since July 11, 2022. Latest Oil Prices: WTI Crude $66.28 -1.00% Brent Crude $69.48 -0.94% Murban Crude $71.91 -0.62% Louisiana Light $76.41 +4.03% Bonny Light $78.62 -2.84% Mars US $72.90 -1.51% Gasoline $2.140 -1.10% Natural Gas $4.101 -0.89% The OPEC+ alliance has decided to increase oil production by more than previously estimated starting in May, benefiting from improved market indicators and increased global demand for crude, according to an official statement posted on its website after a virtual meeting held today. The alliance said it will increase production by approximately 411,000 barrels per day, equivalent to three months of planned increases, exceeding the previously planned increase for May alone, with flexibility to adjust or halt this rate depending on market developments. The surprise decision deepened the slide in oil prices, which had already begun following US President Donald Trump's announcement on Wednesday of historic tariffs. While lower oil prices may ease inflationary pressures on central banks, they also highlight broader concerns about growth prospects, which have prompted companies across the sector to lower their forecasts in recent weeks. In the latest warning about the impact of these tariffs on growth, International Monetary Fund Managing (IMF) Director Kristalina Georgieva considered the reciprocal US tariffs a significant risk to the global economy, especially given the slowdown in growth. In a statement, she urged avoiding steps that could further damage the economic recovery, urging the US and its trading partners to work together to resolve tensions and reduce uncertainty. "The perfect mix of pessimism has prevailed in Washington and Vienna," Bloomberg quoted Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd. He added, "Reciprocal tariffs on virtually all of the United States' major trading partners are justifiably raising fears of recession and possibly stagflation. Economic growth and oil demand growth are being negatively impacted." read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) News Israeli PM Diagnosed with Stage 3 Prostate Cancer News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
