Latest news with #ThiagoDuarte
Yahoo
08-05-2025
- Business
- Yahoo
Oil settles lower as hopes dim for US-China trade and supply worries ease
By Nicole Jao NEW YORK (Reuters) -Oil prices fell by more than $1 a barrel on Wednesday as investors doubted that upcoming U.S.-China trade talks will result in a breakthrough, while hopes for an Iran-U.S. nuclear deal eased supply worries. Brent crude futures settled $1.03, or 1.66%, lower at $61.12 a barrel while U.S. West Texas Intermediate crude lost $1.02, or 1.73%, lower at $58.07 a barrel. The U.S. and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy. The trade talks between the world's two largest economies come after weeks of escalating tensions. Duties on goods imports between the countries have soared well beyond 100%. "While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the U.S. receives major trade concessions, further de-escalation seems unlikely," he said. Asked about the upcoming trade meeting with Chinese officials, U.S. Treasury Secretary Scott Bessent described the talks as "the opposite of advanced." U.S. Vice President JD Vance described Washington's talks with Iran as "so far, so good" and said there was a deal to be made that would reintegrate Iran into the global economy while preventing it from getting a nuclear weapon. "There is a possibility that the U.S. could be lifting the sanctions on Iranian oil, which right now is under maximum pressure," said Phil Flynn, senior analyst with Price Futures Group. The U.S. had threatened secondary sanctions on Iran after a fourth round of talks were postponed between Washington and the OPEC member with production of more than 3 million barrels per day, or about 3% of global output. The Federal Reserve held interest rates steady but said the risks of higher inflation and unemployment had risen, further clouding the economic outlook as the U.S. central bank grapples with the impact Trump's tariff policies. Both benchmarks were pressured by data from the Energy Information Administration (EIA) showing gasoline inventories in the U.S. rose unexpectedly last week, raising concerns of weak demand ahead of U.S. summer driving season. "This is the first bad report for gasoline in a couple of weeks. The refiner had been cranking up the utilization rate. But today in this report it went backwards," said Bob Yawger, director of energy futures at Mizuho. However, U.S. crude inventories fell by 2 million barrels to 438.4 million barrels in the week, compared with analysts' expectations in a Reuters poll for an 833,000-barrel draw.
The Star
08-05-2025
- Business
- The Star
Oil settles lower as hopes dim for US-China trade
Brent crude futures settled US$1.03, or 1.66%, lower at US$61.12 a barrel, while US West Texas Intermediate crude lost US$1.02, or 1.73%, lower at US$58.07 a barrel. NEW YORK: Oil prices fell by more than US$1 a barrel on Wednesday as investors doubted that upcoming US-China trade talks will result in a breakthrough, while hopes for an Iran-US nuclear deal eased supply worries. Brent crude futures settled US$1.03, or 1.66%, lower at US$61.12 a barrel, while US West Texas Intermediate crude lost US$1.02, or 1.73%, lower at US$58.07 a barrel. The US and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy. The trade talks between the world's two largest economies come after weeks of escalating tensions. Duties on goods imports between the countries have soared well beyond 100%. "While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the US receives major trade concessions, further de-escalation seems unlikely," he said. Asked about the upcoming trade meeting with Chinese officials, US Treasury Secretary Scott Bessent described the talks as "the opposite of advanced." US Vice President JD Vance described Washington's talks with Iran as "so far, so good" and said there was a deal to be made that would reintegrate Iran into the global economy while preventing it from getting a nuclear weapon. "There is a possibility that the US could be lifting the sanctions on Iranian oil, which right now is under maximum pressure," said Phil Flynn, senior analyst with Price Futures Group. The US had threatened secondary sanctions on Iran after a fourth round of talks were postponed between Washington and the Opec member with production of more than 3 million barrels per day, or about 3% of global output. The Federal Reserve held interest rates steady but said the risks of higher inflation and unemployment had risen, further clouding the economic outlook as the US central bank grapples with the impact Trump's tariff policies. Both benchmarks were pressured by data from the Energy Information Administration (EIA) showing gasoline inventories in the US rose unexpectedly last week, raising concerns of weak demand ahead of US summer driving season. "This is the first bad report for gasoline in a couple of weeks. The refiner had been cranking up the utilisation rate. But today in this report it went backwards," said Bob Yawger, director of energy futures at Mizuho. However, US crude inventories fell by 2 million barrels to 438.4 million barrels in the week, compared with analysts' expectations in a Reuters poll for an 833,000-barrel draw. Limiting the losses, some US producers have signalled they would cut spending, cautioning the country's oil output may have peaked. Additionally, conflict in the Middle East between Israel and the Houthis increases the geopolitical risk premium, said Tamas Varga, an analyst at PVM. Volatility is expected to persist on quicker-than-expected Opec+ supply, while US policymaking remains unpredictable, he added. — Reuters
Express Tribune
08-05-2025
- Business
- Express Tribune
Oil slips ahead of US-China talks
Listen to article Oil prices edged lower on Wednesday as investors priced in a build in gasoline inventories in the US ahead of the US-China trade talks this weekend. Brent crude futures were down 77 cents a barrel, or around 1.24%, at $61.38 a barrel by 1:50 pm ET (1750 GMT), while US West Texas Intermediate crude was down 73 cents, or 1.24%, lower at $58.36 a barrel. Both benchmarks plunged to four-year lows this week after OPEC+ decided to speed up output increases, stoking fears of oversupply at a time when US tariffs have increased concerns about demand. The US and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy. The trade talks between the world's two largest economies come after weeks of escalating tensions that have seen duties on goods imports between the countries soar well beyond 100%. "While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the US receives major trade concessions, further de-escalation seems unlikely," he said.
Business Times
07-05-2025
- Business
- Business Times
Oil settles lower as hopes dim for US-China trade and supply worries ease
[NEW YORK] Oil prices fell by more than US$1 a barrel on Wednesday as investors doubted that upcoming US-China trade talks will result in a breakthrough, while hopes for an Iran-US nuclear deal eased supply worries. Brent crude futures settled US$1.03, or 1.66 per cent, lower at US$61.12 a barrel while US West Texas Intermediate crude lost US$1.02, or 1.73 per cent, lower at US$58.07 a barrel. The US and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy. The trade talks between the world's two largest economies come after weeks of escalating tensions. Duties on goods imports between the countries have soared well beyond 100 per cent. 'While the meeting may signal a thaw, expectations for a breakthrough remain low,' said Thiago Duarte, market analyst at Axi. 'Unless the US receives major trade concessions, further de-escalation seems unlikely,' he said. Asked about the upcoming trade meeting with Chinese officials, US Treasury Secretary Scott Bessent described the talks as 'the opposite of advanced.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up US Vice-President JD Vance described Washington's talks with Iran as 'so far, so good' and said there was a deal to be made that would reintegrate Iran into the global economy while preventing it from getting a nuclear weapon. 'There is a possibility that the US could be lifting the sanctions on Iranian oil, which right now is under maximum pressure,' said Phil Flynn, senior analyst with Price Futures Group. The US had threatened secondary sanctions on Iran after a fourth round of talks were postponed between Washington and the Opec member with production of more than 3 million barrels per day, or about 3 per cent of global output. The Federal Reserve held interest rates steady but said the risks of higher inflation and unemployment had risen, further clouding the economic outlook as the US central bank grapples with the impact Trump's tariff policies. Both benchmarks were pressured by data from the Energy Information Administration (EIA) showing petrol inventories in the US rose unexpectedly last week, raising concerns of weak demand ahead of US summer driving season. 'This is the first bad report for petrol in a couple of weeks. The refiner had been cranking up the utilisation rate. But today in this report it went backwards,' said Bob Yawger, director of energy futures at Mizuho. However, US crude inventories fell by 2 million barrels to 438.4 million barrels in the week, compared with analysts' expectations in a Reuters poll for an 833,000-barrel draw. Limiting the losses, some US producers have signalled they would cut spending, cautioning the country's oil output may have peaked. Additionally, conflict in the Middle East between Israel and the Houthis increases the geopolitical risk premium, said Tamas Varga, an analyst at PVM. Volatility is expected to persist on quicker-than-expected Opec+ supply, while US policymaking remains unpredictable, he added. REUTERS
Mint
07-05-2025
- Business
- Mint
Oil settles lower as hopes dim for US-China trade and supply worries ease
NEW YORK -Oil prices fell by more than $1 a barrel on Wednesday as investors doubted that upcoming U.S.-China trade talks will result in a breakthrough, while hopes for an Iran-U.S. nuclear deal eased supply worries. Brent crude futures settled $1.03, or 1.66%, lower at $61.12 a barrel while U.S. West Texas Intermediate crude lost $1.02, or 1.73%, lower at $58.07 a barrel. The U.S. and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy. The trade talks between the world's two largest economies come after weeks of escalating tensions. Duties on goods imports between the countries have soared well beyond 100%. "While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the U.S. receives major trade concessions, further de-escalation seems unlikely," he said. Asked about the upcoming trade meeting with Chinese officials, U.S. Treasury Secretary Scott Bessent described the talks as "the opposite of advanced." U.S. Vice President JD Vance described Washington's talks with Iran as "so far, so good" and said there was a deal to be made that would reintegrate Iran into the global economy while preventing it from getting a nuclear weapon. "There is a possibility that the U.S. could be lifting the sanctions on Iranian oil, which right now is under maximum pressure," said Phil Flynn, senior analyst with Price Futures Group. The U.S. had threatened secondary sanctions on Iran after a fourth round of talks were postponed between Washington and the OPEC member with production of more than 3 million barrels per day, or about 3% of global output. The Federal Reserve held interest rates steady but said the risks of higher inflation and unemployment had risen, further clouding the economic outlook as the U.S. central bank grapples with the impact Trump's tariff policies. Both benchmarks were pressured by data from the Energy Information Administration showing gasoline inventories in the U.S. rose unexpectedly last week, raising concerns of weak demand ahead of U.S. summer driving season. "This is the first bad report for gasoline in a couple of weeks. The refiner had been cranking up the utilization rate. But today in this report it went backwards," said Bob Yawger, director of energy futures at Mizuho. However, U.S. crude inventories fell by 2 million barrels to 438.4 million barrels in the week, compared with analysts' expectations in a Reuters poll for an 833,000-barrel draw. Limiting the losses, some U.S. producers have signalled they would cut spending, cautioning the country's oil output may have peaked. Additionally, conflict in the Middle East between Israel and the Houthis increases the geopolitical risk premium, said Tamas Varga, an analyst at PVM. Volatility is expected to persist on quicker-than-expected OPEC supply, while U.S. policymaking remains unpredictable, he added. This article was generated from an automated news agency feed without modifications to text.
