Latest news with #RobertRennie
Iraqi News
3 days ago
- Business
- Iraqi News
Oil prices continue to decline ahead of a key OPEC+ meeting on production policy
Follow-up - INA Oil prices continued to decline in trading on Friday, as markets awaited a meeting of OPEC+ members tomorrow to discuss production strategy. US West Texas Intermediate (WTI) crude futures for July delivery fell 0.36% to $60.72 a barrel. Brent crude futures for July delivery fell 0.28% to $63.97 a barrel, according to trading data. Brent crude is heading for its second consecutive week of losses, with OPEC+ countries expected to increase production for July. For his part, Robert Rennie, head of commodity and cardboard research at Westpac, said in a note: "The stage is set for another significant increase in production, which could exceed the 411,000 barrels per day increase agreed upon in the previous two meetings."
Globe and Mail
3 days ago
- Business
- Globe and Mail
Oil prices on track to decline for second week ahead of expected OPEC+ production increase
Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Brent crude futures gained 23 cents, or 0.36 per cent, to US$64.38 a barrel by 5:49 a.m. ET. U.S. West Texas Intermediate crude rose by 32 cents, or 0.53 per cent, to US$61.26 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 30 cents higher, or 0.47 per cent, at US$63.65 per barrel. The two front-month contracts were headed for a marginal weekly decrease of roughly 0.5 per cent. Investors have priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday. 'The stage is set for another bumper production increase,' Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. Commerzbank analysts said that the oil price had fallen after media reports that some delegates had already indicated that they would probably decide on a further significant increase in production. 'The actual announcement is therefore likely to have only a limited effect,' they said in a note. The potential hike comes as the global surplus has widened to 2.2 million barrels per day, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note. In the U.S., Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1 per cent on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts. Oil prices have lost more than 10 per cent since Trump announced his 'Liberation Day' tariffs on April 2.
Zawya
3 days ago
- Business
- Zawya
Oil set for slight weekly decline as market eyes another OPEC+ output hike
LONDON - Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Brent crude futures gained 23 cents, or 0.36%, to $64.38 a barrel by 0949 GMT. U.S. West Texas Intermediate crude rose by 32 cents, or 0.53%, to $61.26 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 30 cents higher, or 0.47%, at $63.65 per barrel. The two front-month contracts were headed for a marginal weekly decrease of roughly 0.5%. Investors have priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday. "The stage is set for another bumper production increase," Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. Commerzbank analysts said that the oil price had fallen after media reports that some delegates had already indicated that they would probably decide on a further significant increase in production. "The actual announcement is therefore likely to have only a limited effect," they said in a note. The potential hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note. In the U.S., Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1% on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts. Oil prices have lost more than 10% since Trump announced his "Liberation Day" tariffs on April 2.
CNA
3 days ago
- Business
- CNA
Oil set for slight weekly decline as market eyes another OPEC+ output hike
LONDON :Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Brent crude futures gained 23 cents, or 0.36 per cent, to $64.38 a barrel by 0949 GMT. U.S. West Texas Intermediate crude rose by 32 cents, or 0.53 per cent, to $61.26 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 30 cents higher, or 0.47 per cent, at $63.65 per barrel. The two front-month contracts were headed for a marginal weekly decrease of roughly 0.5 per cent. Investors have priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday. "The stage is set for another bumper production increase," Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. Commerzbank analysts said that the oil price had fallen after media reports that some delegates had already indicated that they would probably decide on a further significant increase in production. "The actual announcement is therefore likely to have only a limited effect," they said in a note. The potential hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note. In the U.S., Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1 per cent on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts.
CNBC
3 days ago
- Business
- CNBC
Oil prices set for weekly drop with tariff legal battles, OPEC+ in focus
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike. Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel by 0104 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel. The Brent July futures contract is due to expire on Friday. In the U.S., President Donald Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block had sent oil prices falling more than 1% on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked their way through the court system. Members of the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are expected to decide on a July oil production hike when they meet on Saturday. At the same time, OPEC is trying to ensure that some countries that have been producing above their agreed levels, such as Kazakhstan, cut their output. "The standoff between OPEC and Kazakhstan became even more apparent this week," Westpac's head of commodity and carbon research Robert Rennie said in a note. Kazakhstan has informed OPEC that it does not intend to reduce its oil production, according to a Thursday report by Russia's Interfax news agency citing Kazakhstan's deputy energy minister. Kazakhstan's energy minister on Thursday dismissed complaints from other members over Kazakhstan's overproduction, saying that the country's share in global production is less than 2% and that an oil price above $70-$75 per barrel is likely to be suitable for all countries. "The stage is set for another bumper production increase," Rennie said, potentially higher than the 411,000 barrels per day hike decided on at the previous two meetings.
