Latest news with #PriyankaSachdeva
Shafaq News
3 days ago
- Business
- Shafaq News
Oil inches up on supply concerns and weaker dollar
Shafaq News/ Oil prices ticked up 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, while weakness in the dollar also supported prices. Brent crude futures gained 21 cents, or 0.32%, to $64.84 a barrel by 0437 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.43%, to $62.79 a barrel, after rising about 1% earlier in the session. The oil market surged higher on Monday as rising geopolitical risks and a supply hike from OPEC+ that fell short of expectations provided a boost, said ING analysts in a note. "The strength continued into early morning trading today," ING said on Tuesday. Both contracts gained nearly 3% in the previous session after the Organization of the Petroleum Exporting Countries and allies, known as 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 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," ANZ analysts said in a note. Meanwhile, the dollar index , which measures its performance against six other major currencies, held near six-week lows as markets 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. Geopolitical tensions also supported prices. 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. 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.
Business Recorder
3 days ago
- Business
- Business Recorder
Oil inches up on supply concerns and weaker dollar
SINGAPORE: Oil prices ticked up 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, while weakness in the dollar also supported prices. Brent crude futures gained 21 cents, or 0.32%, to $64.84 a barrel by 0437 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.43%, to $62.79 a barrel, after rising about 1% earlier in the session. The oil market surged higher on Monday as rising geopolitical risks and a supply hike from OPEC+ that fell short of expectations provided a boost, said ING analysts in a note. 'The strength continued into early morning trading today,' ING said on Tuesday. Both contracts gained nearly 3% in the previous session after the Organization of the Petroleum Exporting Countries and allies, known as 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 the previous two months. Oil leaps 4% after OPEC+ keeps output increase unchanged 'With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting,' ANZ analysts said in a note. Meanwhile, the dollar index, which measures its performance against six other major currencies, held near six-week lows as markets 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. Geopolitical tensions also supported prices. 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. 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.
Yahoo
30-05-2025
- Business
- Yahoo
Oil Poised for Second Weekly Loss Ahead of OPEC+ Supply Decision
(Bloomberg) -- Oil was on track for a second weekly decline ahead of an OPEC+ meeting on output policy that's expected to lead to another supply hike. NYC Congestion Toll Brings In $216 Million in First Four Months The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NY Wins Order Against US Funding Freeze in Congestion Fight Why Arid Cities Should Stick Together Brent dipped below $64 a barrel after dropping 1.2% on Thursday, while West Texas Intermediate traded near $61. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, with preliminary talks last week discussing a third consecutive supply increase. 'Investors are eagerly waiting for OPEC's meeting on Saturday to shed light on the scale of the output hike,' said Priyanka Sachdeva, a senior market analyst for brokerage Phillip Nova Pte in Singapore. 'Oil markets should brace for more volatility with risks skewed to the downside.' The revival of idled output by OPEC and its allies at a faster-than-expected pace has raised concerns around a looming glut and helped to drag oil lower. Fears over a global economic slowdown due to President Donald Trump's tariffs and retaliatory measures has also put pressure on prices. While Trump's sweeping tariffs have rattled global markets, they are now facing legal uncertainties. A US trade court blocked parts of the president's levies this week, deeming them illegal, although a federal appeals court has offered a temporary reprieve from the ruling. US crude stockpiles, meanwhile, shrunk by 2.8 million barrels last week, the most in about two months, according to data from the Energy Information Administration on Thursday. Gasoline inventories also declined. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. 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
Ammon
28-05-2025
- Business
- Ammon
Oil rises on Venezuelan supply risks but OPEC+ output caps gains
Ammon News - Oil prices inched up on Wednesday as investors considered supply risks after the U.S. barred Chevron (CVX.N), opens new tab from exporting crude from Venezuela under a new asset authorisation, though expectations of more output from OPEC+ continued to limit gains. Brent crude futures rose 25 cents, or 0.4%, to $64.34 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude gained 24 cents, or 0.4%, at $61.13 a barrel. However, price gains were capped on Wednesday amid expectations that OPEC+ will decide to increase output at a meeting this week. A full meeting of the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, is scheduled for Wednesday, though no policy changes are expected. A July output hike could be decided on Saturday when eight members of the group hold talks, according to sources. "Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year," said Priyanka Sachdeva, senior market analyst at Phillip Nova. The market also found some support after Trump said earlier this week he was weighing new sanctions on Russia. Ukraine is overhauling its minerals sector, aiming to attract billions of dollars of investment from a minerals deal with the U.S.
Business Recorder
19-05-2025
- Business
- Business Recorder
Oil retreats as US, China growth concerns weigh
SINGAPORE: Oil prices slipped on Monday, weighed down by Moody's downgrade of the US sovereign credit rating and official data that showed a slowdown in the pace of China's industrial output and retail sales. Front-month Brent crude futures edged down 51 cents, or 0.8%, to $64.90 a barrel by 0630 GMT while US West Texas Intermediate crude dropped 45 cents, or 0.7%, to $62.04 a barrel. The front-month June WTI contract expires on Tuesday and the more-active July contract fell 48 cents, or 0.8%, to $61.49 a barrel. Both contracts rose more than 1% last week after the US and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs. Moody's downgrade raises questions about the outlook for the US economy, and China's data points to a bumpy road ahead for any economic recovery, said Priyanka Sachdeva, a senior market analyst at Phillip Nova. The Moody's downgrade may not impact oil demand directly, but it does create more sober market sentiment, she said. Moody's downgraded the US sovereign credit rating on Friday over the country's growing $36 trillion debt pile, a move that could complicate President Donald Trump's efforts to cut taxes. Meanwhile in China, the world's largest crude oil importer, official data showed growth in industrial output slowed in April, though still fared better than economists had expected. While Beijing and Washington reached an agreement last week to roll back most tariffs imposed on each other's goods, the short-term truce and Trump's unpredictable approach continue to cast a shadow over China's export-driven economy, which still faces 30% tariffs on top of existing duties. Meanwhile, the outcome of Iran-US nuclear talks remains uncertain, limiting losses in oil prices. US special envoy Steve Witkoff said on Sunday that any deal between the United States and Iran must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran. 'There was a lot of hope being built into those talks,' IG market analyst Tony Sycamore said. The evolutionary arc of global oil and why Pakistan's needs to bend it 'Realistically, Iran was unlikely to ever willingly agree to peacefully give up its nuclear ambitions, which it has always maintained as being non-negotiable. More so after the collapse of its proxies, which have acted as a buffer in the past between itself and Israel,' he said, referring to Hamas, Hezbollah and the Houthis. In Europe, tensions between Estonia and Russia rose after Moscow detained a Greek-owned oil tanker on Sunday after it left an Estonian Baltic Sea port. In the US, producers cut the number of operating oil rigs by 1 to 473 last week, the lowest since January, Baker Hughes said in a weekly report, as they continued to focus on spending cuts that could slow US oil output growth this year.
