Latest news with #TaarekRefaatOil
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Oil Prices Head for Second Weekly Loss ahead of OPEC+ Decision
Taarek Refaat Oil prices are set for a second consecutive weekly loss ahead of an anticipated OPEC+ meeting on production policy, which is expected to result in a further increase in supply. Brent crude fell below $64 a barrel after falling 1.2% on Thursday, while West Texas Intermediate (WTI) crude traded near $61. Latest Prices: WTI Crude $60.64 -0.49% Brent Crude $63.84 -0.48% Murban Crude $63.35 -0.30% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Gasoline $2.039 -0.97% Natural Gas $3.543 +0.60% Producers are scheduled to meet on Saturday to set July production levels, after preliminary discussions last week covered a third consecutive increase in supply. The faster-than-expected resumption of production disruptions by OPEC+ has raised concerns of a supply glut, contributing to pressure on prices. Fears of a global economic slowdown due to President Donald Trump's tariffs and retaliatory measures have also increased pressure on oil prices. Although Trump's sweeping tariffs have rattled global markets, they now face legal challenges. A US trade court ruled this week that some of them were illegal, while a federal appeal granted a temporary reprieve before the ruling is implemented. Meanwhile, US crude inventories fell by 2.8 million barrels last week, the largest decline in about two months, according to Energy Information Administration data released Thursday. Gasoline inventories also declined. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
23-05-2025
- Business
- See - Sada Elbalad
Oil Prices Fall amid Reports of Possible Increase in OPEC+ Production
Taarek Refaat Oil prices fell on Thursday as investors assessed a report that the OPEC+ alliance is discussing a production increase for July, raising concerns that global supply could outpace demand growth. Brent crude futures fell 1.02% to $64.25 a barrel by the end of trading. U.S. West Texas Intermediate (WTI) crude fell 0.83% to $61.06 a barrel. Latest Oil Prices: WTI Crude $60.77 -0.70% Brent Crude $64.01 -0.67% Murban Crude $63.85 -1.25% Louisiana Light $65.43 -1.56% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Natural Gas $3.274 +0.65% Gasoline $2.127 -0.22% The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are discussing the possibility of implementing another significant production increase at their meeting scheduled for June 1. Among the options being considered is a 411,000 barrel per day increase for July, although a final agreement has not yet been reached. Industry sources had reported that Kazakhstan's oil production rose 2 percent in May. Reuters previously reported that the group plans to accelerate production increases, potentially restoring up to 2.2 million barrels per day by November. This is part of a gradual process to end production cuts, with supply increases occurring during May and June. Prices had already fallen earlier in the session after U.S. Energy Information Administration data on Wednesday showed a surprise build in crude oil and fuel inventories last week, with crude imports hitting a six-week high and demand for gasoline and diesel declining. The Energy Information Administration said crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ending May 16, compared to analysts' expectations for a similar decline. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
See - Sada Elbalad
07-05-2025
- Business
- See - Sada Elbalad
Oil Prices Drop .. Brent Crude Reaches $61
Taarek Refaat Oil prices fell on Wednesday, after rebounding from a sharp sell-off earlier in the week, as investors shifted their focus to US-China trade talks this weekend. Brent crude futures fell 71 cents, or about 1.14%, to $61.44 a barrel by end of trading, while US West Texas Intermediate (WTI) crude fell 66 cents, or 1.12%, to $58.43 a barrel. Latest Oil Prices: WTI Crude $58.07 -1.73% Brent Crude $60.96 -1.91% Murban Crude $61.56 -1.28% Louisiana Light $62.57 +3.32% Bonny Light $78.62 -2.84% Opec Basket $61.81 +3.26% Mars US $72.57 -1.48% Gasoline $2.028 -1.78% Natural Gas $3.621 +4.56% Both benchmarks fell to four-year lows this week after OPEC+ decided to accelerate production increases, raising concerns of oversupply at a time when US tariffs have heightened demand concerns. The United States and China are scheduled to meet in Switzerland, which could be the first step toward resolving a trade war that is disrupting the global economy. The US-China trade talks come after weeks of escalating tensions, which have seen tariffs on imported goods between the world's two largest economies rise sharply, exceeding 100%. Investors are also awaiting the Federal Reserve's next policy update on Wednesday, where they expect the key interest rate to remain in the 4.25%-4.50% range until the Fed's meeting on July 29-30. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
See - Sada Elbalad
24-04-2025
- Business
- See - Sada Elbalad
Oil Prices Drop 2% as OPEC+ Plans to Accelerate Production
Taarek Refaat Oil prices fell 2% on Wednesday after sources reported that OPEC+ would consider accelerating its oil production increase in June. However, losses were mitigated by a report that US President Donald Trump may cut tariffs on Chinese imports. Brent crude futures fell $1.32, or 1.96%, to settle at $66.12 a barrel. West Texas Intermediate (WTI) crude closed down $1.40, or 2.2%, at $62.27. Latest Oil Prices: WTI Crude $62.25 -0.02 -0.03% Brent Crude $66.12 -1.32 -1.96% Murban Crude $67.12 -1.56 -2.27% Louisiana Light $66.60 -0.72 -1.07% Bonny Light $78.62 -2.30 -2.84% Mars US $72.57 -1.09 -1.48% Gasoline $2.081 -0.003 -0.14% Natural Gas $3.000 -0.022 -0.73% Brent crude, the global benchmark, reached a session high of $68.65, its highest level since April 4, before the OPEC+ announcement. Three sources familiar with the OPEC+ talks said that several members of the oil alliance will propose accelerating oil production increases in June for the second consecutive month, amid escalating disagreements between countries that adhere to production quotas and those that exceed them. Phil Flynn, an analyst at Price Futures Group, said, "I wouldn't be surprised if OPEC wanted to increase production. It could raise concerns about the cartel's cohesion. They may be tired of curbing production increases." A source familiar with the matter said Wednesday that the Trump administration will consider reducing tariffs on imported Chinese goods pending talks with Beijing, adding that any action would not be unilateral. Tariffs on China are likely to be reduced to between 50% and 65%, according to a report in the Wall Street Journal, citing a White House official. U.S. Treasury Secretary Scott Besant said he believes excessive tariffs between the United States and China must be reduced before trade negotiations can resume. Trump backed off his threat to fire Federal Reserve Chairman Jerome Powell days after criticizing the Fed for not cutting interest rates, easing investor concerns about economic uncertainty. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
See - Sada Elbalad
16-04-2025
- Business
- See - Sada Elbalad
Oil Prices Rise to Two-week High amid Global Supply Concerns
Taarek Refaat Oil prices rose about 2 percent, a two-week high, amid concerns about global supplies, after Washington imposed new sanctions targeting Iranian Chinese oil importers. Brent crude futures rose $1.18, equivalent to 1.8 percent, to $65.85 a barrel, while U.S. West Texas Intermediate crude closed up $1.14, equivalent to 1.9 percent, to close at $62.47. Both benchmarks closed at their highest levels since April 3, according to London Stock Exchange data. The United States has imposed new sanctions targeting Iranian oil exports, including a Chinese refinery, as President Donald Trump seeks to intensify pressure on Tehran and cut Iranian oil exports to zero. The measure comes as the U.S. government resumed negotiations with Iran over its nuclear program this month. Iranian Foreign Minister Abbas Araqci commented ahead of the next round of talks in Rome on Saturday that Iran's right to enrich uranium is non-negotiable. This comes as the Organization of the Petroleum Exporting Countries (OPEC) announced that it had received updated plans for Iraq, Kazakhstan and other countries to make further cuts in oil production to compensate for production exceeding the agreed quotas, which boosted the prices of oil futures contracts. In another context, U.S. crude inventories rose, while gasoline and distilled stocks fell last week, according to the US Energy Information Administration. The U.S. Energy Information Administration added that crude inventories rose by 515,000 barrels to reach 442.9 million barrels in the week ending April 11, compared with analysts' forecasts in a Reuters poll of 507,000 barrels. The International Energy Agency said on Tuesday that global oil demand growth this year will be the lowest since 2020, when demand shrank due to the Corona pandemic. Trump lifted tariffs on Chinese goods, prompting Beijing to impose retaliatory tariffs on US imports. 'The global economy depends heavily on the ability of the United States and China to reach an agreement and avoid starting a prolonged trade war,' said Alex Hoods, director of market strategy at financial services company StoneX, said in a memo. Giovanni Stonovo, an analyst at UBS, said: "The calming of the trade war between the United States and China would reduce the decline in economic growth prospects and limit the growth of oil demand." Uncertainty over trade tensions has prompted many banks, including UPS, BNP Paribas and HSBC, to lower their crude oil price forecasts. 'Using a conservative estimate of a 15 percent decline in global GDP growth, based on the impact of the U.S.-China trade war in 2018-2019, we may see a decline in oil demand growth to just 600,000 barrels per day in 2025, nearly half of our estimates before tariffs,' said Janev Shah, vice president of commodity market analysis at Restad Energy. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
