Latest news with #Sanctions
Reuters
3 hours ago
- Business
- Reuters
Oil prices inch down on expected minimal sanctions impact
LONDON, July 21 (Reuters) - Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futures dropped 20 cents, or 0.3%, to $69.08 a barrel by 1100 GMT after settling 0.35% down on Friday. U.S. West Texas Intermediate crude eased by 6 cents, or 0.1%, to $67.28 after a 0.3% decline in the previous session. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. "The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions." Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days. ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce. Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday. U.S. tariffs on European Union imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc. "Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore. "It feels very much like a $64-$70 range in play for the week ahead." Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.
CNA
4 hours ago
- Business
- CNA
Oil prices inch down on expected minimal sanctions impact
LONDON :Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futures dropped 20 cents, or 0.3 per cent, to $69.08 a barrel by 1100 GMT after settling 0.35 per cent down on Friday. U.S. West Texas Intermediate crude eased by 6 cents, or 0.1 per cent, to $67.28 after a 0.3 per cent decline in the previous session. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. "The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions." Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days. ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce. Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday. U.S. tariffs on European Union imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc. "Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore. "It feels very much like a $64-$70 range in play for the week ahead." Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.
CNA
5 hours ago
- Business
- CNA
Oil prices edge down on expected minimal sanctions impact
LONDON :Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futures dropped 38 cents, or 0.55 per cent, to $68.90 a barrel by 0925 GMT after settling 0.35 per cent down on Friday. U.S. West Texas Intermediate crude declined 30 cents, or 0.45 per cent, to $67.04 after a 0.3 per cent decline in the previous session. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. "The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions." Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days. ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce. Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday. U.S. tariffs on European Union imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc. "Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore. "It feels very much like a $64-$70 range in play for the week ahead."
Yahoo
6 hours ago
- Business
- Yahoo
New EU Sanctions Package Sparks Oil Price Debate
Crude oil prices began trade this week with a modest gain after on Friday the European Union approved the 18th package of sanctions against Russia, targeting once again its energy industry with a lower price cap and specific sanctions against energy companies. Brent crude was trading at $69.35 per barrel at the time of writing, and West Texas Intermediate was trading at $67.52 per barrel. Russia's flagship Urals, which the EU has now capped at 15% below its market price in an attempt to make the whole idea of a price cap work after indirectly admitting the current price cap, at $60 per barrel, did not do a whole lot to stem the flow of Russian crude into international markets. ING commodity analysts said the 18th sanction package was unlikely to affect sentiment among oil traders given the ineffectiveness of previous packages. They also noted that the EU may agree to lower the price cap but without the U.S., the original $60 price cap cannot be changed. Moreover, the analysts wrote in a note earlier today, 'The EU has also sanctioned another 105 vessels, leaving a total of 444 vessels in Russia's shadow fleet affected. The lack of reaction shows that the market is not convinced by the effectiveness of these sanctions.' Rosneft, however, slammed the latest round of sanctions because they also involve an Indian refiner. 'The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country's domestic market. The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy,' Russia's largest oil company said on Sunday. Elsewhere, worry continues about the potential impact of U.S. tariffs on European Union countries and their demand for oil. That worry will probably remain in place until the end of the month, which should bring either a trade deal or the entry into effect of tariffs from August 1. By Irina Slav for More Top Reads From this article on 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
6 hours ago
- Business
- Yahoo
Oil prices steady as markets doubt crude sanctions on Russia
Oil (BZ=F, CL=F) Oil prices were little changed in early European trading this Monday as traders assess the impact of new European sanctions on Russian oil supplies. Brent crude futures (BZ=F) slipped 0.2% to trade at $69.17 per barrel, at the time of writing, while West Texas Intermediate futures (CL=F) were muted at $67.32 a barrel. The European Union approved its 18th package of sanctions against Russia on Friday, implementing some of the toughest restrictions yet in response to the ongoing conflict in Ukraine. A key feature of the new sanctions is the introduction of a floating price cap on Russian crude oil exports, which will be set 15% below prevailing market prices. This measure, which will take effect on 3 September after a 90-day transition period, aims to reduce Russia's energy revenues without causing significant disruptions to global oil supplies. "It's important to point out that while the EU has lowered the price cap, the G7 cap remains unchanged. The EU would need to get the US on board to lower the cap," ING analysts noted in a report. Read more: FTSE 100 LIVE: Markets calm as EU readies plan for no-deal trade scenario with US In tandem with the EU's sanctions, the UK has also ramped up its efforts to diminish Russia's oil revenues by imposing a lower price cap. The UK government announced on Friday that the cap on Russian oil will be reduced from $60 per barrel to $47.60 starting 2 September. The UK's price caps on refined oil products, however, remain unaffected: $100 for high-value refined products like diesel and petrol, and $45 for low-value refined products such as fuel oil. Despite the intensified sanctions, analysts at ING suggested that the market's muted reaction indicated scepticism about the measures' effectiveness. "However, the part of the package likely to have the biggest market impact is the EU imposing an import ban on refined oil products processed from Russian oil in third countries," the analysts said. "But clearly, it will be challenging to monitor crude oil inputs into refineries in these countries and, as a result, enforce the ban." Gold (GC=F) Gold prices climbed on Monday, buoyed by a weaker US dollar, as investors kept a close watch on US trade negotiations and awaited key catalysts, including the Federal Reserve's upcoming policy meeting. Gold futures (GC=F) were up 0.6% to $3,377.30 per ounce, at the time of writing, while spot gold rose 0.5% to $3,367.79 per ounce. The US dollar index ( which measures the greenback against a basket of six currencies, was down 0.2% to 98.29. "Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large," KCM Trade chief market analyst Tim Waterer said. Waterer added that gold's momentum could continue as the US nears a crucial deadline. 'The closer we move towards the key 1 August deadline without any new trade deals emerging, the more likely gold is to start fancying another run towards the $3,400 level and perhaps beyond.' Investors are following developments in US-China trade talks, with the 1 August deadline set by US president Donald Trump. US commerce secretary Howard Lutnick remains optimistic about reaching a deal with the EU, adding to the uncertain market dynamics. Read more: How to build passive income Reports suggest that Trump may visit China before the Asia-Pacific Economic Cooperation (APEC) summit, scheduled for 30 October 30 to 1 November, or he could meet Chinese president Xi Jinping on the sidelines of the event in South Korea. Later this week, the European Central Bank (ECB) is expected to keep interest rates steady at 2%, following a series of rate cuts. Meanwhile, US Federal Reserve governor Christopher Waller indicated last week that he still supports a rate cut at the Fed's policy meeting scheduled for next week. However, his colleagues remained more cautious due to the risk of persistent inflation triggered by tariffs. Gold, typically viewed as a safe-haven asset during economic uncertainties, tends to benefit from low-interest-rate environments. Pound (GBPUSD=X, GBPEUR=X) The pound was higher against a weaker dollar this Monday morning, up 0.2% to $1.3442. However, the pound is facing downward pressure due to growing expectations that the Bank of England (BoE) may cut interest rates in August. These expectations were reinforced by UK jobs data released last Thursday, which showed that the unemployment rate had risen to a four-year high of 4.7%. Additionally, the annual rate of pay growth in the three months between March and May slowed to 5%, the lowest level since the second quarter of 2022. Stocks: Create your watchlist and portfolio This economic backdrop, while still overshadowed by persistent inflation in the UK, contributes to capping the GBP/USD pair's potential for further gains. In other currency moves, the pound pushed higher against the euro (GBPEUR=X), up 0.1% to trade at €1.1544 at the time of writing. In equities, the FTSE 100 (^FTSE) rose 0.2% on Monday morning to 9,005 points. For more details, on market movements check our live coverage produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
