Latest news with #TexasIntermediate
The Star
2 days ago
- Business
- The Star
Oil steadies on mixed US economic and tariff news
Brent crude futures fell 24 cents, or 0.3%, to settle at US$69.28 a barrel, while US West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3%, to end at US$67.34. NEW YORK: Crude oil futures were little changed on Friday on mixed US economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine. Brent crude futures fell 24 cents, or 0.3%, to settle at US$69.28 a barrel, while US West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3%, to end at US$67.34. Cancel anytime. Ad-free. Full access to Web and App. RM 13.90/month RM 9.73 /month Billed as RM 9.73 for the 1st month, RM 13.90 thereafter. RM 12.39/month RM 8.63 /month Billed as RM 103.60 for the 1st year, RM 148 thereafter.
The Star
4 days ago
- Business
- The Star
Oil settles down on US fuel inventory build
Brent crude futures settled 19 cents, or 0.3% lower, at US$68.52 a barrel. US West Texas Intermediate crude futures were down 14 cents, or 0.2%, at US$66.38. HOUSTON: Oil prices settled marginally lower on Wednesday as US fuel inventory builds and concerns about wider economic impact from US tariffs outweighed some signs of increasing demand. Brent crude futures settled 19 cents, or 0.3% lower, at US$68.52 a barrel. US West Texas Intermediate crude futures were down 14 cents, or 0.2%, at US$66.38. US gasoline stocks rose by 3.4 million barrels last week, the Energy Information Administration said. Analysts had expected a draw of 1 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 4.2 million barrels, EIA data showed, far surpassing expectations for a 200,000-barrel rise. Crude inventories fell by 3.9 million barrels to 422.2 million barrels last week, the EIA said, exceeding forecasts for a 552,000-barrel draw. "I think the market is disappointed to see large builds in gasoline and distillate inventories as refiners are operating at near their highest levels of the year turning oil into refined products," said Andrew Lipow, president of Lipow Oil Associates, referring to refinery rates of nearly 94% of total capacity. "I think investors are also disappointed to see gasoline demand fall just after July 4 as we are now in the peak summer driving season," he added. The amount of products supplied for gasoline, a proxy for demand, eased 670,000 barrels per day to 8.5 million bpd. US President Donald Trump's tariff war continued, with the European Commission preparing possible retaliation if talks with Washington fail to secure a trade agreement for the European Union. On Monday, Trump said the US will impose "very severe tariffs" on Russia in 50 days if there is no deal to stop the war in Ukraine. Short-term US interest-rate futures rose after a report that Trump was likely to fire Federal Reserve Jerome Powell soon, with traders now betting on rate cuts starting in September and at least one more by December. Trump said he was not planning to fire Powell, but declined to rule out anything. Interest rate cuts typically boost economic activity and energy demand. Helping keep a floor under prices, US economic activity increased slightly in recent weeks, but the outlook was neutral to slightly pessimistic, the Federal Reserve said on Wednesday, as businesses reported the Trump administration's higher tariffs were putting upward pressure on prices. Opec's monthly report on Tuesday forecast that the global economy would do better in the second half of the year. Brazil, China and India are exceeding expectations while the United States and EU are recovering from last year, it added. Chinese state-owned refiners are ramping up output after completing maintenance to meet higher third-quarter fuel demand and to rebuild diesel and gasoline stocks at multi-year lows, traders and analysts said. Barclays estimated that Chinese oil demand in the first half of the year grew by 400,000 bpd year-on-year to 17.2 million bpd. On the supply side, drone attacks for a third day on oilfields in Iraq's semi-autonomous Kurdistan region have slashed crude output by 140,000 to 150,000 barrels per day, two energy officials said on Wednesday, as infrastructure damage forced multiple shutdowns. — Reuters
Business Recorder
5 days ago
- Business
- Business Recorder
Oil prices ease as US fuel stock builds put focus on demand
HOUSTON: Oil prices fell about 1% on Wednesday as US fuel inventory builds reinforced views in the market of shrinking demand as the wider economic impact from US tariffs could curb consumption. Brent crude futures fell 71 cents, or 1%, to $68 a barrel by 10:50 a.m. ET (1450 GMT). US West Texas Intermediate crude futures were down 69 cents, or 1%, at $65.82. US crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.9 million barrels to 422.2 million barrels in the week ended July 11, the EIA said, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. US gasoline stocks rose by 3.4 million barrels, compared with analysts' expectations in a Reuters poll for a 1 million-barrel draw.? Distillate stockpiles, which include diesel and heating oil, rose by 4.2 million barrels versus expectations for a 200,000-barrel rise, the EIA data showed. 'I think the market is disappointed to see large builds in gasoline and distillate inventories as refiners are operating at near their highest levels of the year turning oil into refined products,' said Andrew Lipow, president of Lipow Oil Associates. 'I think investors are also disappointed to see gasoline demand fall just after July 4 as we are now in the peak summer driving season,' he added. The amount of products supplied for gasoline, a proxy for demand, eased 670,000 barrels per day to 8.5 million bpd. Meanwhile, US President Donald Trump's tariff war continues, with the European Commission preparing possible retaliation if talks with Washington fail to secure a trade agreement for the European Union. Trump also said on Monday that the United States will impose 'very severe tariffs' on Russia in 50 days if there is no deal to stop the war in Ukraine. Analysts said selling linked to concerns about economic disruption and weaker demand was offset by anticipation China, the world's biggest crude importer, will need more oil. Chinese state-owned refiners are completing maintenance to meet higher third-quarter fuel demand and to rebuild diesel and gasoline stocks at multi-year lows, traders and analysts said. Barclays estimated that Chinese oil demand in the first half of the year grew by 400,000 barrels per day year-on-year to 17.2 million bpd. Meanwhile, OPEC's monthly report on Tuesday forecast that the global economy would do better in the second half of the year. Brazil, China and India are exceeding expectations while the United States and EU are recovering from last year, it added.
Business Recorder
10-07-2025
- Business
- Business Recorder
Oil prices slip after US crude stocks post surprise build
HOUSTON: Oil prices slipped on Wednesday as investors weighed a surprise build in US crude stocks last week against attacks on shipping in the Red Sea and a forecast for lower US oil production. Brent crude futures were down 20 cents, or 0.29%, to $69.95 a barrel by 10:50 a.m. EDT. US West Texas Intermediate crude was down 24 cents, or 0.35%, to $68.09 a barrel. US crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 7.1 million barrels to 426 million barrels in the week ended July 4, the EIA said, compared with analysts' expectations in a Reuters poll for a draw of 2.1 million barrels. Curbing price losses, after months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthi militia. A mission was underway on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have claimed responsibility for the attack. Oil prices also were supported by an EIA forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining prices have prompted US producers to slow activity. On Tuesday, US President Donald Trump said he would announce a 50% tariff on copper, aiming to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Trump made the announcement as he delayed a deadline for some tariffs to August 1, spurring hopes among major trade partners that deals to ease duties could still be reached, though many companies remain uncertain on the path forward. Elsewhere, OPEC+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates' move to a larger quota, five sources said. The group announced on Saturday that it had approved a supply increase of 548,000 barrels per day for August.
Observer
09-07-2025
- Business
- Observer
Oman crude oil price climbs to $72.17 per barrel
MUSCAT: The official price of Oman crude oil for September delivery rose by $1.28 on Tuesday, settling at $72.17 per barrel, up from $70.89 the previous day. However, the monthly average price for Omani crude in July fell to $63.62 per barrel, marking a $4.25 decline compared to June's average. Meanwhile, international oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production while uncertainty over US tariffs loomed in the background. Brent crude futures gained 10 cents, or 0.1%, to $70.42 a barrel by 1057 GMT. US West Texas Intermediate crude was up 15 cents, or 0.2%, to $68.65 a barrel. After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthi militia. A mission was under way on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have not claimed responsibility for the attack. Oil prices were also buoyed by an Energy Information Administration forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining oil prices have prompted US producers to slow activity. — Agencies
