Latest news with #OilPrices
Reuters
13 hours ago
- Business
- Reuters
Oil prices rise further on trade war relief
LONDON, July 29 (Reuters) - Oil prices edged up on Tuesday on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine. Brent crude futures were up 47 cents, or 0.7%, at $70.51 a barrel at 0924 GMT, having touched their highest since July 18, while U.S. West Texas Intermediate crude was at $67.24, up 53 cents, or 0.8%. Both contracts settled more than 2% higher in the previous session. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. The agreement also calls for $750 billion of EU purchases of U.S. energy over the next three years, which analysts say the bloc has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over the course of President Donald Trump's second term. Top economic officials from the U.S. and China are meeting in Stockholm for a second day to resolve longstanding economic disputes and step back from an escalating trade war between the world's two biggest economies. Trump also set a new deadline on Monday of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made. "Oil prices rallied after President Trump said he would shorten the deadline for Russia to come to a deal with Ukraine to end the war, raising supply concerns," ING analysts said in a note. Market participants are also waiting to hear the outcome of the U.S. Federal Open Market Committee meeting on July 29-30. The Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.
Arab News
14 hours ago
- Business
- Arab News
Oil Updates — prices steady amid economic concerns, US rate decision awaited
SINGAPORE: Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the US-EU trade deal, and as investors awaited the US Federal Reserve's interest rate decision. Brent crude futures were up 1 cent at $70.05 a barrel at 8:10 a.m. Saudi time, while US West Texas Intermediate crude was at $66.69, down 2 cents. Both contracts settled more than 2 percent higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the US and the European Union, while imposing a 15 percent import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. The agreement also calls for $750 billion of EU purchases of US energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the US over the course of President Donald Trump's second term. While the US-EU trade deal finalization came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note. 'We think the 15 percent rate will pose headwinds to the Euro area's growth outlook but is unlikely to push the economy into recession.' Meanwhile, top economic officials from the US and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the center of a trade war between the world's top two economies. The discussions are expected to resume on Tuesday. Oil market participants are also awaiting the US Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. 'Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations,' said Sachdeva. 'The likelihood of an economic slowdown and the Federal Reserve's potential rate cuts remain uncertain, limiting the upside in oil.' Meanwhile, Trump set a new deadline on Monday of '10 or 12 days' for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.
News.com.au
16 hours ago
- Business
- News.com.au
Closing Bell: Market weathers tariff gloom to finish in the green
Energy stocks climb as oil ticks up 2pc ASX rallies late to climb 0.08pc Gold stocks slide despite recovering gold price ASX lifts as clouds part for energy sector The ASX was in a decidedly bad mood today, hanging out in negative territory for the majority of the trading session before recovering in the last half hour. The market closed up 0.08%, crossing into positive territory on a last-minute rally in energy stocks. A 2% uptick in oil prices had the sector yoyo-ing through the day before finally settling in the green to provide some much-needed support for the broader market. Woodside Energy (ASX:WDS) lifted 1.57% and Santos (ASX:STO) added 2%. A little further down the pecking order, alternative energy companies were also moving higher. Green hydrogen firm Provaris Energy (ASX:PV1) climbed 4.55%, and natural hydrogen plays HyTerra (ASX:HYT) and Gold Hydrogen (ASX:GHY) added 5.56% and 1.79% each. The real estate sector was the biggest drag, shedding 0.44% with lesser losses in consumer staples, financials and materials. The EU-US trade deal also applied pressure to the gold price overnight, sliding 0.8% to US$3310 an ounce before recovering most of that in today's session. The ASX All Ords Gold index still fell 0.28%, mirroring the larger materials sector despite a small uptick in resource stocks. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Code Name Last % Change Volume Market Cap BEO Beonic Ltd 0.32 49% 219661 $15,235,117 HLX Helix Resources 0.002 33% 2745339 $5,046,291 NAE New Age Exploration 0.004 33% 6000000 $8,117,734 B4P Beforepay Group 2.18 33% 204334 $79,383,074 NOX Noxopharm Limited 0.125 29% 2317923 $28,347,081 SCP Scalare Partners 0.16 28% 293110 $5,229,378 EVG Evion Group NL 0.038 27% 3075443 $13,047,599 HFR Highfield Res Ltd 0.195 26% 625545 $73,481,942 D3E D3 Energy Limited 0.335 24% 565977 $21,458,252 BSA BSA Limited 0.09 23% 15510313 $5,496,919 HCT Holista CollTech Ltd 0.089 22% 1138344 $24,458,551 BDG Black Dragon Gold 0.06 20% 722759 $15,898,303 EE1 Earths Energy Ltd 0.006 20% 100000 $2,649,821 FBR FBR Ltd 0.006 20% 7267046 $28,447,261 SKK Stakk Limited 0.006 20% 83333 $10,375,398 1TT Thrive Tribe Tech 0.0095 19% 791210 $812,691 BM8 Battery Age Minerals 0.07 19% 6584846 $8,956,308 CHM Chimeric Therapeutic 0.0035 17% 4244892 $9,747,370 ENV Enova Mining Limited 0.007 17% 407721 $8,745,600 TON Triton Min Ltd 0.007 17% 607569 $9,410,332 TSL Titanium Sands Ltd 0.007 17% 228039 $14,068,483 GRV Greenvale Energy Ltd 0.051 16% 371924 $23,952,427 AUZ Australian Mines Ltd 0.008 14% 1314681 $11,977,085 AX8 Accelerate Resources 0.008 14% 506793 $5,720,321 BLU Blue Energy Limited 0.008 14% 125000 $12,956,815 In the news… LiDAR-based logistics company Beonic (ASX:BEO) has secured a contract to deploy its passenger flow management technology across seven major international airports in north Africa. BEO reckons the contract is worth about $10.6m over its 2.5-year term, with an option to extend for another three years. The company is already operating in the London Heathrow, JFK Terminal 4, Narita and Abu Dhabi airport hubs. Evion Group's (ASX:EVG) Maniry graphite project has joined an exclusive group of 13 non-EU projects acknowledged by the European Commission's Strategic Projects initiative under the Critical Raw Materials Act. It's a big nod to the project's chops, confirming it as a strategic source of natural graphite at a time when China – the world's number one producer – is throttling international supply. Technical services company BSA (ASX:BSA) delivered $286.8m in revenue for FY2025, a 7% uptick compared to last year. While that's a solid performance by anyone's standards, the company is warning of some serious headwinds on the horizon. BSA was unsuccessful in a new bid on a contract with the NBN, and its smart metering contracts with Intellihub and Bluecurrent are winding down to just about nothing by next year. As those contracts represented 92% of BSA's yearly revenue, the company is aggressively restructuring in an effort to keep the ship afloat, but it's not going to be an easy road. Direct-to-consumer lending firm Beforepay (ASX:B4P) has grown in leaps and bounds this quarter, achieving a 113% increase in quarterly net profit after pulling in $2.4m. Year-on-year revenue is also up 15% to $10.4m and active users have increased 12% to just under 270,000. CEO Jamie Twiss said he "couldn't be happier with this result; it's the perfect way to end a strong financial year.' ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Code Name Last % Change Volume Market Cap ECT Env Clean Tech Ltd. 0.2 -3333% 70167018 $12,046,306 DTM Dart Mining NL 0.3 -2500% 9197764 $4,792,222 EDE Eden Inv Ltd 0.15 -2500% 1100500 $8,219,762 SFG Seafarms Group Ltd 0.15 -2500% 400001 $9,673,198 LM1 Leeuwin Metals Ltd 11 -2414% 1202325 $14,616,926 ANR Anatara Ls Ltd 0.7 -2222% 5143866 $1,920,454 GLA Gladiator Resources 0.7 -2222% 1100000 $6,824,671 PRX Prodigy Gold NL 0.2 -2000% 1421349 $15,875,278 QXR Qx Resources Limited 0.4 -2000% 936755 $6,551,644 RDN Raiden Resources Ltd 0.4 -2000% 3275000 $17,254,457 VRC Volt Resources Ltd 0.4 -2000% 1716667 $23,424,247 KZR Kalamazoo Resources 9.1 -1727% 7641683 $24,133,287 1AI Algorae Pharma 0.5 -1667% 2991398 $10,124,368 BYH Bryah Resources Ltd 0.5 -1667% 139990 $6,171,195 TMX Terrain Minerals 0.25 -1667% 3666666 $7,595,443 IFG Infocusgroup Hldltd 1.6 -1579% 3441552 $5,546,844 GRL Godolphin Resources 1.1 -1538% 100000 $5,835,353 RPG Raptis Group Limited 20.5 -1458% 271844 $84,164,365 KOB Kobaresourceslimited 3.6 -1429% 181858 $8,344,207 AKN Auking Mining Ltd 0.6 -1429% 1379280 $4,816,814 ATV Activeportgroupltd 1.2 -1429% 1621803 $9,617,679 FCT Firstwave Cloud Tech 1.5 -1429% 105900 $29,986,577 NES Nelson Resources. 0.3 -1429% 300000 $7,601,747 RKT Rocketdna Ltd. 1.2 -1429% 1189554 $12,817,325 SP3 Specturltd 1.2 -1429% 205778 $4,436,602 IN CASE YOU MISSED IT St George Mining (ASX:SGQ) has delivered a 30kg bulk sample from its Araxá project to a Brazilian government-backed supply chain program. CuFe (ASX:CUF) has unveiled a scoping study highlighting the strong economics of the Orlando open pit cutback within its 55%-owned Tennant Creek copper-gold project in the Northern Territory. Aroa Biosurgery (ASX:ARX) recorded its third consecutive quarter of positive net cash flow since listing on the ASX in July 2020 and has reaffirmed FY26 revenue guidance. DY6 Metals (ASX:DY6) has kicked off a soil sampling program to guide maiden auger drilling at its Central rutile project in Cameroon. Pancontinental Energy (ASX:PCL) has increased both the potential scale and geological chance of successfully finding oil at its PEL 87 project in the Orange Basin offshore Namibia. Loyal Metals (ASX:LLM) is using modern exploration including a high-tech geophysics drone survey to identify new copper-gold targets. Victory Metals (ASX:VTM) has produced a high-value, mixed rare earth oxide at its North Stanmore project in Western Australia. Resolution Minerals (ASX:RML) has enlisted two Trump-affiliated firms to back its Horse Heaven antimony-tungsten project in proposed Nasdaq listing. Trading Halts Astute Metals (ASX:ASE) – cap raise Catalina Resources (ASX:CTN) – exploration results IRIS Metals (ASX:IR1) – cap raise Noviqtech (ASX:NVQ) – quantum computing deal and cap raise Prescient Therapeutics (ASX:PTX) – cap raise Sequoia Financial Group (ASX:SEQ) – price query response Strategic Energy Resources (ASX:SER) – cap raise TechGen Metals (ASX:TG1) – cap raise At Stockhead, we tell it like it is. While HyTerra is a Stockhead advertiser, it did not sponsor this article.
Reuters
16 hours ago
- Business
- Reuters
Oil steady amid economic concerns, US rate decision awaited
SINGAPORE, July 29 (Reuters) - Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the U.S.-EU trade deal, and as investors awaited the U.S. Federal Reserve's interest rate decision. Brent crude futures were up 1 cent at $70.05 a barrel at 0610 GMT, while U.S. West Texas Intermediate crude was at $66.69, down 2 cents. Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. The agreement also calls for $750 billion of EU purchases of U.S. energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over the course of President Donald Trump's second term. While the U.S.-EU trade deal finalisation came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note. "We think the 15% rate will pose headwinds to the Euro area's growth outlook but is unlikely to push the economy into recession." Meanwhile, top economic officials from the U.S. and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the centre of a trade war between the world's top two economies. The discussions are expected to resume on Tuesday. Oil market participants are also awaiting the U.S. Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. "Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations," said Sachdeva. "The likelihood of an economic slowdown and the Federal Reserve's potential rate cuts remain uncertain, limiting the upside in oil." Meanwhile, Trump set a new deadline on Monday of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.
Economy ME
18 hours ago
- Business
- Economy ME
Crude oil prices climb above $69.2 as U.S.-China trade truce and EU deal support market
Oil prices extended their upward trajectory on Tuesday, buoyed by optimism for enhanced economic activity following the U.S.-EU trade deal, a potential truce in U.S.-China tariffs, and President Donald Trump's expedited timeline for Russia to conclude the Ukraine war. By 00:00 GMT, Brent crude futures increased by 24 cents, or 0.34 percent, reaching $70.28 a barrel (currently trading above $69.2), while U.S. West Texas Intermediate crude rose 22 cents, or 0.33 percent, to $66.93 a barrel (currently trading above $66.62). Both contracts had settled more than 2 percent higher in the preceding session, with Brent achieving its peak level since July 18 on Monday. Support from U.S.-China trade truce The trade agreement between the United States and the European Union, while imposing a 15 percent import tariff on the majority of EU goods, averted a catastrophic trade war between these significant partners that could have reverberated across nearly a third of global trade and dampened the outlook for fuel demand. Oil prices also gained support from reports of a potential extension of the trade truce between the U.S. and China, with senior economic officials from both nations convening in Stockholm on Monday for over five hours of discussions. These talks are anticipated to continue on Tuesday. In the meantime, Trump set a new deadline on Monday, stating '10 or 12 days' for Russia to make headway toward ending the war in Ukraine or face potential sanctions. He has warned of sanctions against both Russia and purchasers of its exports unless notable progress is achieved. Tuesday's subdued movements reflected investor caution in advance of the Federal Reserve meeting commencing later that day, alongside a range of significant U.S. economic data expected this week. Read more: Oil prices rise to $68.92 as U.S.-EU trade deal eases demand concerns OPEC+ supply compliance discussion Market participants were also evaluating the progress of the U.S. trade deal ahead of Trump's imminent deadline. The U.S.–EU agreement, announced on Sunday, imposes a 15 percent tariff on most European exports to the United States, reduced from an initially threatened 30 percent. It includes a pledge from the EU to purchase $750 billion worth of U.S. energy products in the upcoming years. Analysts indicated that the dual factors of diminished trade uncertainty and long-term demand commitments enhanced investor risk appetite, thereby supporting oil prices. On the supply front, an OPEC+ panel has urged full adherence to established quotas as a ministerial meeting on August 3 prepares to deliberate on a potential production increase for September. Investors remain cautious as they anticipate U.S. economic data and the Federal Reserve policy meeting. The central bank is set to commence its two-day gathering on Tuesday, with expectations to maintain interest rates within the 4.25 percent to 4.50 percent range.
