Latest news with #TinaTeng
Arab News
4 days ago
- Business
- Arab News
Oil Updates — crude slips on US stockpile build, Saudi Arabia price cuts
TOKYO/SINGAPORE: Oil edged lower on Thursday after a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty weighing on prices as well. Brent crude futures fell 1 cent to $64.85 a barrel at 9:30 a.m. Saudi time. US West Texas Intermediate crude lost 11 cents, or 0.2 percent, dropping to $62.74 a barrel. Oil prices closed around 1 percent lower on Wednesday after official data showed that US gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years. 'While the (Saudi) decrease was smaller than anticipated, it suggests demand is soft despite entering the peak demand period,' said ANZ analysts in a note. The price cut by Saudi Arabia follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July. OPEC+ is made up of members of the Organization of the Petroleum Exporting Countries and allies such as Russia. Weak US economic data and ongoing developments in US-China trade relations also weighed on oil prices, said independent market analyst Tina Teng. 'Simply put, a gloomy global economic trajectory dimmed the demand outlook,' she said. 'Markets are cautiously watching for any progress in trade talks between the world's two top economies.' Data on Wednesday showed that the US services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, indicating the American economy remains in danger of slow growth and high inflation. On the trade front, US President Donald Trump said on Wednesday that China's Xi Jinping was tough and 'extremely hard to make a deal with,' exposing friction between Beijing and Washington after the White House had raised expectations for a long-awaited Xi-Trump phone call this week. Meanwhile, Canada prepared possible reprisals and the EU reported progress in trade talks as new US metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. 'Uncertainty fueled by President Trump's shifting stance on tariffs has intensified fears of a global economic slowdown,' analyst Ole Hansen at Saxo Bank said in a note.
Zawya
4 days ago
- Business
- Zawya
Oil slips on US stockpile build, Saudi Arabia price cuts
TOKYO - Oil prices slipped on Thursday after a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty also weighing on prices. Brent crude futures fell 14 cents, or 0.2%, to $64.72 a barrel at 0500 GMT. U.S. West Texas Intermediate crude lost 24 cents, or 0.4%, dropping to $62.61 a barrel. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. Adding to the weakness, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years. "While the (Saudi) decrease was smaller than anticipated, it suggests demand is soft despite entering the peak demand period," said ANZ analysts in a note. The price cut by Saudi Arabia follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July. OPEC+ is made up of members of the Organization of the Petroleum Exporting Countries and allies such as Russia. The strategy of OPEC+ group leaders Saudi Arabia and Russia is partly to punish over-producers and to wrestle back market share, Reuters has reported. Weak U.S. economic data and ongoing developments in U.S.-China trade relations also weighed on oil prices, said independent market analyst Tina Teng. "Simply put, a gloomy global economic trajectory dimmed the demand outlook," she said. "Markets are cautiously watching for any progress in trade talks between the world's two top economies." Data on Wednesday showed that the U.S. services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, indicating the American economy remains in danger of slow growth and high inflation. On the trade front, U.S. President Donald Trump said on Wednesday that China's Xi Jinping was tough and "extremely hard to make a deal with", exposing friction between Beijing and Washington after the White House had raised expectations for a long-awaited Xi-Trump phone call this week. Meanwhile, Canada prepared possible reprisals and the European Union reported progress in trade talks as new U.S. metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. "Uncertainty fuelled by President Trump's shifting stance on tariffs has intensified fears of a global economic slowdown," analyst Ole Hansen at Saxo Bank said in a note. (Reporting by Katya Golubkova in Tokyo and Emily Chow in Singapore; Editing by Tom Hogue)
The Star
4 days ago
- Business
- The Star
Oil slips on US stockpile build, Saudi Arabia price cuts
TOKYO: Oil prices slipped on Thursday after a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty also weighing on prices. Brent crude futures fell 14 cents, or 0.2%, to $64.72 a barrel at 0500 GMT. U.S. West Texas Intermediate crude lost 24 cents, or 0.4%, dropping to $62.61 a barrel. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. Adding to the weakness, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years. "While the (Saudi) decrease was smaller than anticipated, it suggests demand is soft despite entering the peak demand period," said ANZ analysts in a note. The price cut by Saudi Arabia follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July. OPEC+ is made up of members of the Organization of the Petroleum Exporting Countries and allies such as Russia. The strategy of OPEC+ group leaders Saudi Arabia and Russia is partly to punish over-producers and to wrestle back market share, Reuters has reported. Weak U.S. economic data and ongoing developments in U.S.-China trade relations also weighed on oil prices, said independent market analyst Tina Teng. "Simply put, a gloomy global economic trajectory dimmed the demand outlook," she said. "Markets are cautiously watching for any progress in trade talks between the world's two top economies." Data on Wednesday showed that the U.S. services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, indicating the American economy remains in danger of slow growth and high inflation. On the trade front, U.S. President Donald Trump said on Wednesday that China's Xi Jinping was tough and "extremely hard to make a deal with", exposing friction between Beijing and Washington after the White House had raised expectations for a long-awaited Xi-Trump phone call this week. Meanwhile, Canada prepared possible reprisals and the European Union reported progress in trade talks as new U.S. metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. "Uncertainty fuelled by President Trump's shifting stance on tariffs has intensified fears of a global economic slowdown," analyst Ole Hansen at Saxo Bank said in a note. - Reuters
Business Recorder
4 days ago
- Business
- Business Recorder
Oil slips on US stockpile build, Saudi Arabia price cuts
TOKYO: Oil prices slipped on Thursday after a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty also weighing on prices. Brent crude futures fell 14 cents, or 0.2%, to $64.72 a barrel at 0500 GMT. US West Texas Intermediate crude lost 24 cents, or 0.4%, dropping to $62.61 a barrel. Oil prices closed around 1% lower on Wednesday after official data showed that US gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. Adding to the weakness, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years. 'While the (Saudi) decrease was smaller than anticipated, it suggests demand is soft despite entering the peak demand period,' said ANZ analysts in a note. The price cut by Saudi Arabia follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July. OPEC+ is made up of members of the Organization of the Petroleum Exporting Countries and allies such as Russia. The strategy of OPEC+ group leaders Saudi Arabia and Russia is partly to punish over-producers and to wrestle back market share, Reuters has reported. Weak US economic data and ongoing developments in US-China trade relations also weighed on oil prices, said independent market analyst Tina Teng. 'Simply put, a gloomy global economic trajectory dimmed the demand outlook,' she said. 'Markets are cautiously watching for any progress in trade talks between the world's two top economies.' Data on Wednesday showed that the US services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, indicating the American economy remains in danger of slow growth and high inflation. Oil eases after US data shows large builds in fuel stocks On the trade front, US President Donald Trump said on Wednesday that China's Xi Jinping was tough and 'extremely hard to make a deal with', exposing friction between Beijing and Washington after the White House had raised expectations for a long-awaited Xi-Trump phone call this week. Meanwhile, Canada prepared possible reprisals and the European Union reported progress in trade talks as new US metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. 'Uncertainty fuelled by President Trump's shifting stance on tariffs has intensified fears of a global economic slowdown,' analyst Ole Hansen at Saxo Bank said in a note.
Jordan News
08-05-2025
- Business
- Jordan News
Oil Prices Rise Amid Hopes for U.S.–China Trade Talks - Jordan News
Oil prices rose slightly on Thursday, rebounding from a more than $1 drop in the previous session, supported by renewed optimism over upcoming trade talks between the United States and China—the world's two largest oil consumers. اضافة اعلان Brent crude futures edged up by 10 cents (0.2%) to $61.22 per barrel. West Texas Intermediate (WTI) gained 13 cents (0.2%) to reach $58.20 per barrel. Independent market analyst Tina Teng noted that "optimism surrounding next week's trade talks between the U.S. and China is a key factor supporting the recovery in oil markets." She added that signs of easing trade tensions have improved market sentiment after a prolonged period of heavy selling. U.S. Treasury Secretary Scott Besant is scheduled to meet China's top economic official in Switzerland on May 10, to resume trade negotiations. The ongoing dispute between the two economic superpowers has weighed heavily on global oil demand forecasts. Although U.S. President Donald Trump claimed China initiated the talks, he emphasized he is not ready to reduce tariffs to incentivize Beijing. Besant stated that the talks are only a preliminary stage, not yet advanced. However, weak demand concerns capped gains, especially after the Federal Reserve kept interest rates unchanged and flagged growing economic uncertainty. A stronger U.S. dollar has also pressured commodity prices, including oil. Rising gasoline inventories in the U.S. further raised concerns about weakened consumption, despite the approaching summer driving season. Additionally, the expected increase in oil production by OPEC and its allies (OPEC+) is likely to exert further downward pressure on prices.
