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Time of India
2 days ago
- Business
- Time of India
Oil rises on Iran, Russia and Canada supply concerns
Oil prices saw a rise in early Asian trade on Tuesday. This increase is due to supply concerns. Iran is likely to reject a U.S. nuclear deal. This could keep sanctions in place. Production in Canada is also affected by wildfires. OPEC+ agreed to maintain output increases for July. The Russia-Ukraine conflict continues to fuel supply worries. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a largerproduction hike than in the previous two months."With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Yahoo
2 days ago
- Business
- Yahoo
Oil rises on Iran, Russia and Canada supply concerns
By Anjana Anil (Reuters) - Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the session. Both contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums. Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply. According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output. The big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a largerproduction hike than in the previous two months. "With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Yahoo
2 days ago
- Business
- Yahoo
Oil rises on Iran, Russia and Canada supply concerns
By Anjana Anil (Reuters) - Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the session. Both contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums. Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply. According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output. The big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a largerproduction hike than in the previous two months. "With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Time of India
2 days ago
- Business
- Time of India
OPEC+ production increase fuels oil surge amid geopolitical tensions
(You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Oil surged after OPEC+ increased production less than some had feared and geopolitical concerns flared over Ukraine and Organization of the Petroleum Exporting Countries and its allies agreed on Saturday to add 411,000 barrels a day of supply in July, but there were objections from some members including Russia. With a handful of countries lobbying for a pause in July, banks are now split on how many more hikes will come in subsequent gain - Brent crude added as much as 4.4% to top $65 - is also likely being aided by an unwinding of bearish bets taken in advance of the decision. The group had been considering returning an even bigger volume late last week, and speculative short positions in Brent were already the highest since October prior to the meeting."The worst of the fears was laid to rest," said Keshav Lohiya, founder of consultant Oilytics. "Brent shorts are now at the highest level in 2025, which makes sense given the bearish headlines coming out of OPEC. However, this is creating a recipe for a spike if spot healthy market fundamentals continue to roll on."
Economic Times
2 days ago
- Business
- Economic Times
OPEC+ production increase fuels oil surge amid geopolitical tensions
(You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Oil surged after OPEC+ increased production less than some had feared and geopolitical concerns flared over Ukraine and Organization of the Petroleum Exporting Countries and its allies agreed on Saturday to add 411,000 barrels a day of supply in July, but there were objections from some members including Russia. With a handful of countries lobbying for a pause in July, banks are now split on how many more hikes will come in subsequent gain - Brent crude added as much as 4.4% to top $65 - is also likely being aided by an unwinding of bearish bets taken in advance of the decision. The group had been considering returning an even bigger volume late last week, and speculative short positions in Brent were already the highest since October prior to the meeting."The worst of the fears was laid to rest," said Keshav Lohiya, founder of consultant Oilytics. "Brent shorts are now at the highest level in 2025, which makes sense given the bearish headlines coming out of OPEC. However, this is creating a recipe for a spike if spot healthy market fundamentals continue to roll on."
