Latest news with #OrganizationofthePetroleumExportingCountriesandallies
Business Recorder
3 days ago
- Business
- Business Recorder
Oil prices climb 2% to 2-week high on geopolitical tension concerns
LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7%, to $65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, to $62.83. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. 'But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment.' Oil leaps 4% after OPEC+ keeps output increase unchanged Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, 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 the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
The Star
4 days ago
- Business
- The Star
Oil edges up as geopolitical concerns and weaker dollar support
JAKARTA/SINGAPORE (Reuters): Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a US nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7%, to US$65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, to US$62.83. "Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend," said analyst Harry Tchilinguirian of Onyx Capital Group. "But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment." Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, 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 the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. "Crude oil prices continue to rise, supported by the weakening dollar," said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports. (Additional reporting by Michele Pek and Anjana Anil; Editing by David Evans and Susan Fenton) - Reuters
Business Recorder
4 days ago
- Business
- Business Recorder
Oil edges up as geopolitical concerns and weaker dollar support
LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7%, to $65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, to $62.83. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. 'But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment.' Oil leaps 4% after OPEC+ keeps output increase unchanged Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, 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 the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
Business Recorder
4 days ago
- Business
- Business Recorder
Oil inches up on geopolitical concerns and weaker dollar
LONDON: Oil prices ticked up on Tuesday supported by rising geopolitical tensions as Russia and Ukraine ramped up the war and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 43 cents, or 0.7%, to $65.06 a barrel by 0807 GMT. U.S. West Texas Intermediate crude was up 50 cents, or 0.8%, to $63.02. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. 'But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment.' Oil leaps 4% after OPEC+ keeps output increase unchanged Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, 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 the nuclear talks Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
Asharq Al-Awsat
07-04-2025
- Business
- Asharq Al-Awsat
Oil Tumbles Further as US-China Trade Tensions Fuel Recession Fears
Oil prices extended last week's losses on Monday, with WTI falling more than 4%, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude. Brent futures declined $2.54, or 3.9%, to $63.04 a barrel at 0745 GMT, while US west Texas Intermediate crude futures lost $2.5, or 4.03%, to $59.49. Both benchmarks dropped their lowest since April 2021. Oil plunged 7% on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession. Last week, Brent lost 10.9%, while WTI dropped 10.6%. "It's hard to see a floor for crude unless the panic in the markets subsides and it's hard to see that happening unless Trump says something to arrest snowballing fears over a global trade war and recession," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Responding to US President Donald Trump's tariffs, China said on Friday it would impose additional levies of 34% on American goods, confirming investor fears that a full-blown global trade war is underway. Imports of oil, gas and refined products were given exemptions from Trump's sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices. Federal Reserve Chair Jerome Powell said on Friday that Trump's new tariffs are "larger than expected," and the economic fallout including higher inflation and slower growth likely will be as well. Adding to the downward momentum, the Organization of the Petroleum Exporting Countries and allies (OPEC+) decided to advance plans for output increases. The group now aims to return 411,000 barrels per day (bpd) to the market in May, up from the previously planned 135,000 bpd. "This potential influx of supply, reversing cuts maintained over the past two years, represents a major shift in market dynamics and acts as a significant headwind for prices," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm. Over the weekend, top OPEC+ ministers stressed the need for full compliance with oil output targets and called for overproducers to submit plans by April 15 to compensate for pumping too much. On the geopolitical front, Iran on Sunday rejected US demands that it hold direct nuclear talks or face strikes. Russia claimed to have captured Basivka in Ukraine's Sumy region and said its forces were attacking multiple nearby settlements.
