Latest news with #RebeccaBabin
Mint
2 days ago
- Business
- Mint
Oil Surges as US Orders Partial Evacuation of Iraqi Embassy
Oil surged as the US government ordered a partial evacuation of its embassy in Iraq amid rising security risks. West Texas Intermediate futures jumped 4.9% to settle above $68 a barrel, the largest gain since October, as the Trump administration reduced embassy staff in Iraq and permitted military service-members' families to leave the region in response to ongoing security concerns. The UK Navy also issued a rare warning to mariners that higher tensions in the Middle East could affect shipping. The developments compounded speculation about possible supply disruptions in the Middle East after AFP reported that Iran threatened to target US military bases in the region if conflict breaks out. 'Iranian rhetoric has turned notably more hostile, and these threats are being substantiated by real-world developments,' said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. 'While geopolitical rallies are often seen as selling opportunities, this situation carries the added complexity of potential Israeli military action if negotiations break down, which is keeping traders more cautious about selling into the rally.' Elsewhere, President Donald Trump told the New York Post he's 'less confident' about whether he can convince Tehran to agree on shutting down its nuclear program. He also posted on social media that a trade deal with China was 'done,' subject to the approval of President Xi Jinping. Oil had been weighed down by expectations that a trade war between the world's two largest economies would hurt demand and that a deal with Iran would bring back sanctioned barrels, adding to rising OPEC supplies. Prices have recovered in recent sessions, supported by easing trade tensions and the outlook for summer demand. A monthly report from the US Energy Information Administration underscored the oil market's current uncertainties. While the agency expects supply to eclipse demand by 800,000 barrels a day this year, the most since it began publishing a forecast for 2025, it also doesn't see US crude production topping last month's levels before the end of next year, a sign that lower prices are curbing some supply. Signs of market tightness have also appeared along the futures curve. Earlier this week, the February-March WTI spread flipped to backwardation — where near-term prices are higher than longer-dated ones — for the first time since April, with several subsequent months following suit earlier today, signaling concerns about oversupply are easing. To get Bloomberg's Energy Daily newsletter in your inbox, click here. This article was generated from an automated news agency feed without modifications to text.
Yahoo
16-05-2025
- Business
- Yahoo
Oil tumbles 3% as Trump hints US near Iran nuclear deal
Oil prices slid more than 3% before paring losses on Thursday after President Trump hinted that the US is nearing a nuclear deal with Iran — a move that could increase global crude supply. West Texas Intermediate (CL=F) futures fell to just above $61 per barrel. Brent crude (BZ=F), the international benchmark, dropped to around $64.40. "We'll see what happens," Trump said during a visit to Doha, Qatar. "But we're in very serious negotiations with Iran for long-term peace. And if we do that, it'll be fantastic." A senior Iranian official told NBC News this week that Iran would agree to never develop a nuclear weapon and meet other terms of the deal — if all economic sanctions were lifted immediately. CIBC Private Wealth senior energy trader Rebecca Babin isn't convinced an agreement will go through so easily. But if it does, she estimates the oil supply could increase by 200,000 to 400,000 barrels per day. "They [Iran] have really gotten quite good at skirting sanctions, so most don't expect a massive flood hitting the market if sanctions are lifted," Babin told Yahoo Finance on Thursday. Iran, a member of the Organization of Petroleum Exporting Countries (OPEC), currently produces more than 3 million barrels of oil per day. Oil prices are down more than 12% year to date after tumbling in April following President Trump's announcement of new tariff policies and an OPEC+ decision to raise production starting in May. The oil cartel later agreed to further increase output in June. Read more about oil prices and today's market action. "If we add in OPEC+'s additional oil production coming in the next few months, global crude supply and demand dynamics could shift toward oversupply," BOK Financial senior vice president Dennis Kissler said on Thursday. Goldman Sachs analysts warned of downside risks to oil prices if OPEC+ proceeds with its planned output hikes — or adds more in July. "We expect strong supply growth outside of U.S. shale to further pressure prices and U.S. shale production," Goldman Sachs' Daan Struyven and his team wrote in a Sunday night note. The analysts forecast Brent to edge down to average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
Yahoo
15-05-2025
- Business
- Yahoo
Oil tumbles 3% as Trump hints US near Iran nuclear deal
Oil prices slid more than 3% before paring losses on Thursday after President Trump hinted that the US is nearing a nuclear deal with Iran — a move that could increase global crude supply. West Texas Intermediate (CL=F) futures fell to just above $61 per barrel. Brent crude (BZ=F), the international benchmark, dropped to around $64.40. "We'll see what happens," Trump said during a visit to Doha, Qatar. "But we're in very serious negotiations with Iran for long-term peace. And if we do that, it'll be fantastic." A senior Iranian official told NBC News this week that Iran would agree to never develop a nuclear weapon and meet other terms of the deal — if all economic sanctions were lifted immediately. CIBC Private Wealth senior energy trader Rebecca Babin isn't convinced an agreement will go through so easily. But if it does, she estimates the oil supply could increase by 200,000 to 400,000 barrels per day. "They [Iran] have really gotten quite good at skirting sanctions, so most don't expect a massive flood hitting the market if sanctions are lifted," Babin told Yahoo Finance on Thursday. Iran, a member of the Organization of Petroleum Exporting Countries (OPEC), currently produces more than 3 million barrels of oil per day. Oil prices are down more than 12% year to date after tumbling in April following President Trump's announcement of new tariff policies and an OPEC+ decision to raise production starting in May. The oil cartel later agreed to further increase output in June. Read more about oil prices and today's market action. "If we add in OPEC+'s additional oil production coming in the next few months, global crude supply and demand dynamics could shift toward oversupply," BOK Financial senior vice president Dennis Kissler said on Thursday. Goldman Sachs analysts warned of downside risks to oil prices if OPEC+ proceeds with its planned output hikes — or adds more in July. "We expect strong supply growth outside of U.S. shale to further pressure prices and U.S. shale production," Goldman Sachs' Daan Struyven and his team wrote in a Sunday night note. The analysts forecast Brent to edge down to average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
15-05-2025
- Business
- Yahoo
Oil tumbles 3% as Trump hints US near Iran nuclear deal
Oil prices slid more than 3% before paring losses on Thursday after President Trump hinted that the US is nearing a nuclear deal with Iran — a move that could increase global crude supply. West Texas Intermediate (CL=F) futures fell to just above $61 per barrel. Brent crude (BZ=F), the international benchmark, dropped to around $64.40. "We'll see what happens," Trump said during a visit to Doha, Qatar. "But we're in very serious negotiations with Iran for long-term peace. And if we do that, it'll be fantastic." A senior Iranian official told NBC News this week that Iran would agree to never develop a nuclear weapon and meet other terms of the deal — if all economic sanctions were lifted immediately. CIBC Private Wealth senior energy trader Rebecca Babin isn't convinced an agreement will go through so easily. But if it does, she estimates the oil supply could increase by 200,000 to 400,000 barrels per day. "They [Iran] have really gotten quite good at skirting sanctions, so most don't expect a massive flood hitting the market if sanctions are lifted," Babin told Yahoo Finance on Thursday. Iran, a member of the Organization of Petroleum Exporting Countries (OPEC), currently produces more than 3 million barrels of oil per day. Oil prices are down more than 12% year to date after tumbling in April following President Trump's announcement of new tariff policies and an OPEC+ decision to raise production starting in May. The oil cartel later agreed to further increase output in June. Read more about oil prices and today's market action. "If we add in OPEC+'s additional oil production coming in the next few months, global crude supply and demand dynamics could shift toward oversupply," BOK Financial senior vice president Dennis Kissler said on Thursday. Goldman Sachs analysts warned of downside risks to oil prices if OPEC+ proceeds with its planned output hikes — or adds more in July. "We expect strong supply growth outside of U.S. shale to further pressure prices and U.S. shale production," Goldman Sachs' Daan Struyven and his team wrote in a Sunday night note. The analysts forecast Brent to edge down to average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
Yahoo
15-05-2025
- Business
- Yahoo
Oil tumbles 3% as Trump hints that US near Iran nuclear deal
Oil prices slid more than 3% before paring losses on Thursday after President Trump hinted that the US was nearing a nuclear deal with Iran—a move that could increase global crude supply. West Texas Intermediate (CL=F) futures fell to just above $61 per barrel, while Brent crude (BZ=F), the international benchmark, dropped to around $64.40. 'We'll see what happens,' Trump said during a visit to Doha, Qatar. 'But we're in very serious negotiations with Iran for long-term peace. And if we do that, it'll be fantastic.' A senior Iranian official told NBC News this week that Iran would agree to never develop a nuclear weapon and meet other terms of the deal—if all economic sanctions were lifted immediately. CIBC Private Wealth senior energy trader Rebecca Babin isn't convinced an agreement will go through so easily. But if it does, she estimates oil supply could increase by 200,000 to 400,000 per day. "They [Iran] have really gotten quite good at skirting sanctions, so most don't expect a massive flood hitting the market if sanctions are lifted," Babin told Yahoo Finance on Thursday. Iran, a member of the Organization of Petroleum Exporting Countries (OPEC), currently produces more than 3 million barrels of oil per day. Oil prices are down more than 12% year-to-date after tumbling in April following President Trump's announcement of new tariff policies and OPEC+'s decision to raise production starting in May. The oil cartel later agreed to further increase output in June. 'If we add in OPEC+'s additional oil production coming in the next few months, global crude supply and demand dynamics could shift toward oversupply,' said Dennis Kissler, senior vice president at BOK Financial, on Thursday. Goldman Sachs analysts warned of downside risks to oil prices if OPEC+ proceeds with its planned output hikes—or adds more in July. 'We expect strong supply growth outside of U.S. shale to further pressure prices and U.S. shale production,' wrote Goldman's Daan Struyven and his team in a Sunday night note. The analysts forecast Brent to edge down to average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
