Latest news with #OPEC+
New Indian Express
7 hours ago
- Business
- New Indian Express
Crude prices will be around $65 per barrel: Puri
Petroleum minister Hardeep Singh Puri on Friday said oil prices will be around $65 per barrel as ample supplies are available in the market. Puri, while speaking at the CII Annual Business Summit 2025 in New Delhi, also mentioned that it is highly unlikely that prices will touch $80 per barrel. 'My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel," said Puri. He further added that high spare production capacity is weighing on the oil market. 'Even when there are disruptions, the market knows that more supply is available,' he added. Brent crude has been trading between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. The minister also lamented that the country's current gas share in the energy mix still lingers at just about 6-7%.
Iraqi News
11 hours ago
- Business
- Iraqi News
Oil prices continue to decline ahead of a key OPEC+ meeting on production policy
Follow-up - INA Oil prices continued to decline in trading on Friday, as markets awaited a meeting of OPEC+ members tomorrow to discuss production strategy. US West Texas Intermediate (WTI) crude futures for July delivery fell 0.36% to $60.72 a barrel. Brent crude futures for July delivery fell 0.28% to $63.97 a barrel, according to trading data. Brent crude is heading for its second consecutive week of losses, with OPEC+ countries expected to increase production for July. For his part, Robert Rennie, head of commodity and cardboard research at Westpac, said in a note: "The stage is set for another significant increase in production, which could exceed the 411,000 barrels per day increase agreed upon in the previous two meetings."
Business Recorder
11 hours ago
- Business
- Business Recorder
Oil prices fall on possible larger OPEC+ output hike for July
HOUSTON: Oil prices fell on Friday and headed for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. Brent crude futures fell by 21 cents, or 0.33%, to $63.94 a barrel by 1451 GMT. U.S. West Texas Intermediate crude fell by 34 cents, or 0.56%, to $60.60 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 43 cents lower, or 0.71%, at $59.77 a barrel. At these levels, the front-month benchmark contracts were headed for weekly losses over 1%. Price moves dipped into negative territory after Reuters reported that OPEC+ may discuss an increase in July output larger than the 411,000 barrels per day (bpd) that the group had made for May and June. Oil prices fall on demand concerns in volatile session 'The oil price would probably only come under greater pressure if the oil-producing countries were to increase their production even more than in previous months or give indications that there will be similarly high production increases in the following months,' Commerzbank analysts said earlier on Friday in a note, published before the news. Senior Analyst Phil Flynn with Price Futures Group said an online post on Truth Social by U.S. President Donald Trump that seemed to threaten more changes in tariff levels for Chinese imports also put pressure on crude prices. 'Trump's Truth Social message on China failing to observe a truce on tariffs also combined with the Reuters headline to push prices down,' Flynn said. The potential OPEC+ output hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note, adding that they expect prices to remain within the current range before easing into the high $50s by year-end. Trump's tariffs were expected to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision a day earlier to put an immediate block on the sweeping duties. Oil prices were down more than 1% on Thursday. Oil prices have lost more than 10% since Trump announced his 'Liberation Day' tariffs on April 2. Also pressuring prices, U.S. consumer spending slowed in April, according to data published on Friday.
Yahoo
13 hours ago
- Business
- Yahoo
TSX falls marginally on U.S.-China talks stalling, despite GDP growth
-- Canada's main stock index opened down on Friday after U.S. President Donald Trump reignited fears of a U.S.-China trade war. By 9:50 ET, the bellwether S&P/TSX 60 index was down 2.7 points or 0.2% in trading, after closing lower by 0.3% on Thursday. Toronto's S&P/TSX Composite was falling 39.4 points or 0.2% following the previous session, in which the index posted losses of 72.9 points or 0.3%. Trump accused China of breaking a recent trade truce, saying "China... has totally violated its agreement with us" and "so much for being Mr. Nice Guy!" Earlier this month, the two countries agreed to reduce or suspend tariffs, with the U.S. agreeing to lower duties from 145% to 30% and suspending additional tariffs, and China cutting its tax from 125% to 10%. U.S. Treasury Secretary Scott Bessent hinted at this development Thursday, saying trade talks have become "stalled." GDP solid Canada's economy posted a modest rebound in March, with real GDP edging up 0.1%, after a 0.2% contraction in February, according to data released by Statistics Canada. The monthly improvement helped boost overall first-quarter growth to 0.5%, while GDP rose at an annualized pace of 2.2%, slightly ahead of the 2.1% pace recorded in the final quarter of 2024, and above the Bank of Canada's projection of 1.8%. CIBC (TSX:CM)'s Andrew Grantham said, "While headline GDP growth was solid in Q1, it was flattered by a surge in exports as companies looked to front-run potential US tariffs. Domestic demand was weak during the quarter, and monthly data point towards only slight upward momentum heading into Q2." U.S. stocks sink U.S. stock indexes were declining on Friday, as investors gauged the renewed tensions between China and the U.S. As of 9:45 ET, the S&P 500 was lower by 18.2 points or 0.3%, the Nasdaq Composite was falling 109.3 points or 0.6%, and the Dow Jones Industrial Average was down 29.1 points or 0.1%. In yesterday's trading, the S&P gained 0.4%, the Nasdaq 0.4%, and the Dow 0.3%. The primary catalyst was tech giant NVIDIA (NASDAQ:NVDA)'s strong earnings, which reaffirmed AI and chip demand, and a blockage of Trump's "Liberation Day" tariff ensemble by a U.S. federal court, easing trade fears. That blockage has now been paused by the U.S. Court of Appeals. Crude Oil prices slip ahead of OPEC+ decision Oil prices fell Friday and were headed for a weekly loss amid heightened uncertainty over U.S. President Donald Trump's trade tariffs, with focus turning to an upcoming OPEC+ decision on output. By 9:45 ET, Crude Oil WTI Futures was down 0.8%, pricing in at $60.43 a barrel, while Brent Oil Futures dropped 1.1% to $62.67 per barrel. Benchmark prices were set to lose around 2% this week, heading for a second straight week in red, as uncertainty over Trump's tariffs and their economic impact weighed on the outlook for demand. Gold Futures drop Gold traded lower on Friday, as the US Dollar Index Futures strengthened and pushed Gold prices down. At 9:40 ET, XAU/USD fell 0.8% to $3,288.55/oz, while Gold Futures traded downward by 0.7%, pricing in at $3,320.06/oz. The Dollar Index was up 0.3%, pricing in at $99.56, by that time. The strengthening in the dollar was driven by expectations of fewer Federal Reserve rate cuts. (Peter Nurse also contributed to this article) Related articles TSX falls marginally on U.S.-China talks stalling, despite GDP growth AGCO downgraded as Citi says risk/reward now more balanced Sanofi, Regeneron shares nosedive after mixed Itepekimab results Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Business
- Yahoo
Gas prices 'among the cheapest in nearly a decade' to start summer, analyst says
Canada's gas price average fell by 5.4 cents per litre of regular fuel this week, according to data from Kalibrate. The break from recent gains mirrors price action in the United States, where a leading analyst says rates at the pump are "among the cheapest in nearly a decade" when adjusting for inflation. The Canadian average price fell from $1.492 per litre to $1.438 between May 22 and May 29, led by declines in Vancouver, Kelowna, B.C., and Sarnia, Ont. At this time last year, the national average price was $1.688. The U.S. Memorial Day holiday is considered the unofficial start to the summer driving season in North America. Patrick De Haan, head of petroleum analysis at GasBuddy, says while prices did not fall as much as expected, the holiday was still one of the most affordable for drivers since 2021. "When adjusted for inflation, [it was] among the cheapest in nearly a decade,' he wrote in a blog post. 'As we move into the heart of summer, I believe we're likely to see a relatively stable stretch for gas prices as refinery maintenance wraps up." De Haan sees OPEC+ production commentary and growing uncertainty around the looming hurricane season in the U.S. Gulf region shaping prices in the weeks ahead. According to a report from Reuters, OPEC+ members may discuss a larger output increase in July compared to gains prior months at its meeting on Saturday. The potential additional supply could weigh on benchmark oil prices. Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city. (All figures in CAD cents) Location May. 22 May 29 Price Change Canada Average (V) 149.2 143.8 -5.4 WHITEHORSE 161.9 161.9 0 VANCOUVER* 183 167 -16 VICTORIA 176.2 181.5 5.3 PRINCE GEORGE 136.2 140.9 4.7 KAMLOOPS 150 152.9 2.9 KELOWNA 152.7 142.6 -10.1 FORT ST. JOHN 149.9 145.4 -4.5 ABBOTSFORD 172.4 160.8 -11.6 YELLOWKNIFE 144.7 134.9 -9.8 CALGARY* 137.2 131 -6.2 RED DEER 134.3 134.5 0.2 EDMONTON 134.9 130.7 -4.2 LETHBRIDGE 124.7 124.6 -0.1 LLOYDMINSTER 130.6 133.5 2.9 GRANDE PRAIRIE 131.1 137.9 6.8 REGINA* 134.9 134.8 -0.1 SASKATOON 135.6 135.6 0 PRINCE ALBERT 132.2 132.3 0.1 MOOSE JAW 135.7 135.7 0 WINNIPEG * 134.1 131.7 -2.4 BRANDON 127.6 131.7 4.1 CITY OF TORONTO* 139.4 135.4 -4 BRAMPTON 139.1 134.9 -4.2 ETOBICOKE 138.9 134.9 -4 MISSISSAUGA 138.8 134.1 -4.7 NORTH YORK 139.6 135.5 -4.1 SCARBOROUGH 139.4 135 -4.4 VAUGHAN/MARKHAM 139.3 135.1 -4.2 OTTAWA 138.9 133.2 -5.7 KINGSTON 132.6 128.8 -3.8 PETERBOROUGH 131.1 126.8 -4.3 WINDSOR 138.3 133.1 -5.2 LONDON 139.7 135.5 -4.2 SUDBURY 136.7 138.8 2.1 SAULT STE MARIE 128.3 128.3 0 THUNDER BAY 138.8 138.3 -0.5 NORTH BAY 131.4 136.8 5.4 TIMMINS 146.9 144.7 -2.2 HAMILTON 136.2 131.8 -4.4 ST. CATHARINES 135.9 129.8 -6.1 BARRIE 138.7 134.5 -4.2 BRANTFORD 132.8 128.4 -4.4 GUELPH 138.2 134.8 -3.4 KITCHENER 137.4 133.6 -3.8 OSHAWA 138.6 134.4 -4.2 SARNIA 134.8 124.4 -10.4 MONTRÉAL* 163.6 159.3 -4.3 QUÉBEC 156 155.3 -0.7 SHERBROOKE 152.8 152.3 -0.5 GASPÉ 157.6 157.4 -0.2 CHICOUTIMI 147 145.5 -1.5 RIMOUSKI 151.4 151.4 0 TROIS RIVIÈRES 154.6 151.8 -2.8 DRUMMONDVILLE 152.3 150.8 -1.5 VAL D'OR 159.6 159.6 0 GATINEAU 144.7 143.2 -1.5 SAINT JOHN* 143 144.2 1.2 FREDERICTON 144.7 145 0.3 MONCTON 143.8 144.4 0.6 BATHURST 143.5 142.3 -1.2 EDMUNDSTON 142.6 144 1.4 MIRAMICHI 144.9 146.2 1.3 CAMPBELLTON 143.1 146.3 3.2 SUSSEX 143.3 143.7 0.4 WOODSTOCK 144.8 146.2 1.4 HALIFAX* 145 145 0 SYDNEY 146.9 146.9 0 YARMOUTH 146 146 0 TRURO 146.1 146.1 0 KENTVILLE 145.5 145.5 0 NEW GLASGOW 146.1 146.1 0 CHARLOTTETOWN* 151.9 150.8 -1.1 ST JOHNS* 151.9 153.5 1.6 GANDER 155.7 157.3 1.6 LABRADOR CITY 159.1 160 0.9 CORNER BROOK 152.8 154.6 1.8 GRAND FALLS 155.7 157.3 1.6 SOURCE: KALIBRATE • All figures in CAD cents (*) Denotes markets used in Volume Weighted Canada Average Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
