Latest news with #OilPrices
Reuters
2 hours ago
- Business
- Reuters
Oil prices steady with trade talks in focus
NEW YORK, July 23 (Reuters) - Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the U.S. after President Donald Trump reached a tariff deal, opens new tab with Japan. Brent crude futures settled 8 cents, or 0.12%, lower at $68.51 a barrel, while U.S. West Texas Intermediate crude futures were down 6 cents, or 0.09%, at $65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1. Just hours earlier, Trump said the U.S. and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. "The trade deal with Japan might be a template for trade deals with other countries," said Andrew Lipow, president of Lipow Oil Associates. "On the other hand, the market is still concerned about the U.S. coming to an agreement with the European Union and China." The European Commission planned to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until August 7. Both benchmarks lost about 1% on Tuesday after the EU said it was considering countermeasures against U.S. tariffs. "The slide (in prices) of the past three sessions appears to have abated, but I don't expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. On the supply side, U.S. Energy Information Administration data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. "That's a bullish swing," said Bob Yawger, director of energy futures at Mizuho. "It was largely a function of import-export dynamics." U.S. crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net U.S. crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Asharq Al-Awsat
6 hours ago
- Business
- Asharq Al-Awsat
Oil Prices Edge Lower with Trade Talks in Focus
Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement. Brent crude futures were down 35 cents, or 0.5%, at $68.24 a barrel as of 1246 GMT. US West Texas Intermediate crude futures were down 33 cents, or 0.5%, at $64.98 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs. US President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that included a 15% tariff on US imports from Japan. "The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of US goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% US tariffs. Investors are awaiting US oil inventory data from the Energy Information Administration later on Wednesday. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. On the physical supply side, Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on Wednesday, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters.
Reuters
10 hours ago
- Business
- Reuters
Oil prices edge lower with trade talks in focus
LONDON, July 23 (Reuters) - Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a U.S. tariff deal, opens new tab with Japan ahead of a U.S. stocks data announcement. Brent crude futures were down 50 cents, or 0.7%, at $68.09 a barrel as of 1119 GMT. U.S. West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.84 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs. U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan. "The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs. Investors are awaiting U.S. oil inventory data from the Energy Information Administration later on Wednesday. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. On the physical supply side, Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on Wednesday, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters.
Reuters
13 hours ago
- Business
- Reuters
Oil prices little changed after US-Japan trade deal
LONDON, July 23 (Reuters) - Oil prices were steady on Wednesday after falling for three consecutive sessions as a U.S. tariff deal, opens new tab with Japan improved global trade sentiment. Brent crude futures were down 12 cents, or 0.2%, at $68.47 a barrel as of 0907 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $65.17 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline. U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan. "The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. China's commerce minister and the European Union's trade chief had a "candid and in-depth" discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday. Separately, U.S. crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added. "This will offer some relief to the middle distillate market, which has been looking increasingly tight," ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Arab News
14 hours ago
- Business
- Arab News
Oil Updatess — prices stabilize after US-Japan trade deal
NEW DELHI: Oil prices were little changed on Wednesday after falling for three consecutive sessions as a US tariff deal with Japan improved global trade sentiment. Brent crude futures were down 2 cents, or 0.03 percent, at $68.57 a barrel as of 8:54 a.m. Saudi time. US West Texas Intermediate crude futures were also down 2 cents, at $65.29 per barrel. Both benchmarks lost about 1 percent in the previous session after the EU said it was considering countermeasures against US tariffs, as hope faded for a deal ahead of an AuG. 1 deadline. President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that includes a 15 percent tariff on US imports from Japan. He also said Japan had agreed to invest $550 billion in the US. Meanwhile, industry expectations are low for Thursday's EU-China summit, which will test the bloc's unity and resolve amid mounting trade tensions with both Beijing and Washington. 'The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,' said Vandana Hari, founder of oil market analysis provider Vanda Insights. China's commerce minister and the European Union's trade chief had a 'candid and in-depth' discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday. Separately, US crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added. 'This will offer some relief to the middle distillate market, which has been looking increasingly tight,' ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. But analysts said a lack of US participation would hinder the effectiveness of the package.
