Latest news with #TradeWar
The Herald
17 hours ago
- Business
- The Herald
Oil price falls as trade war concerns increase worries about fuel demand
Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the US and the EU will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52c, or 0.75%, to $68.69 (R1,209) a barrel by 3.25 GMT. US West Texas Intermediate crude was at $66.69 (R1,174) a barrel, down 51c, or 0.76%. The benchmarks settled slightly lower on Monday. The August West Texas Intermediate contract expires on Tuesday and the more active September contract was down 54c, or 0.82%, to $65.41 (R1.151) a barrel. 'Broad demand concerns continue to simmer amid escalating global trade tensions, specially as markets eye the latest tariff threats between major economies and [US President Donald] Trump's potential announcements ahead of the August 1 deadline,' said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Reuters
21 hours ago
- Business
- Reuters
Oil falls as trade war concerns increase worries about fuel demand
July 22 (Reuters) - Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52 cents, or 0.75%, to $68.69 a barrel by 0325 GMT. U.S. West Texas Intermediate crude was at $66.69 a barrel, down 51 cents, or 0.76%. Both benchmarks settled slightly lower on Monday. The August WTI contract expires on Tuesday and the more active September contract was down 54 cents, or 0.82%, to $65.41 a barrel. "Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of August 1 deadline," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Investors are also eyeing the ripple effects of fresh U.S. sanctions on Russian crude," she added. Supply concerns have largely been alleviated by major producers raising output and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid U.S. trade policy changes. A weaker U.S. dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped "as trade war concerns offset the support by a softer (U.S. dollar)," IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the U.S. and the EU over tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30% tariff on EU imports on August 1 if a deal is not reached. There are also signs that rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts. Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
CNA
21 hours ago
- Business
- CNA
Oil falls as trade war concerns increase worries about fuel demand
Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52 cents, or 0.75 per cent, to $68.69 a barrel by 0325 GMT. U.S. West Texas Intermediate crude was at $66.69 a barrel, down 51 cents, or 0.76 per cent. Both benchmarks settled slightly lower on Monday. The August WTI contract expires on Tuesday and the more active September contract was down 54 cents, or 0.82 per cent, to $65.41 a barrel. "Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of August 1 deadline," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Investors are also eyeing the ripple effects of fresh U.S. sanctions on Russian crude," she added. Supply concerns have largely been alleviated by major producers raising output and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid U.S. trade policy changes. A weaker U.S. dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped "as trade war concerns offset the support by a softer (U.S. dollar)," IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the U.S. and the EU over tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30 per cent tariff on EU imports on August 1 if a deal is not reached. There are also signs that rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts.
Zawya
21 hours ago
- Business
- Zawya
Oil edges lower as trade war concerns increase worries about fuel demand
Oil prices edged down on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 24 cents, or 0.35%, to $68.97 a barrel by 0055 GMT after settling 0.1% lower on Monday. U.S. West Texas Intermediate crude was at $66.99 a barrel, down 21 cents, or 0.31%, following a 0.2% loss in the previous session. The August WTI contract expires on Tuesday and the more active September contract was down 23 cents, or 0.35%, to $65.72 a barrel. Still, the oil market has struggled to find any direction since the ceasefire on June 24 ending the conflict between Israel and Iran removed concerns about major supply disruptions in the key Middle East producing region. Since then, Brent has traded in a range of $5.19 and WTI in a range of $5.65 as supply concerns have been alleviated by major producers raising output and investors are increasingly worried about the global economy amid U.S. trade policy changes. However, a weaker U.S. dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped "as trade war concerns offset the support by a softer (U.S. dollar)," IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the U.S. and the EU over tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30% tariff on EU imports on August 1 if a deal is not reached. There are also signs rising supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts. Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. (Reporting by Anjana Anil in Bengaluru; Editing by Christian Schmollinger)
CNA
a day ago
- Business
- CNA
Oil edges lower as trade war concerns increase worries about fuel demand
Oil prices edged down on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 24 cents, or 0.35 per cent, to $68.97 a barrel by 0055 GMT after settling 0.1 per cent lower on Monday. U.S. West Texas Intermediate crude was at $66.99 a barrel, down 21 cents, or 0.31 per cent, following a 0.2 per cent loss in the previous session. The August WTI contract expires on Tuesday and the more active September contract was down 23 cents, or 0.35 per cent, to $65.72 a barrel. Still, the oil market has struggled to find any direction since the ceasefire on June 24 ending the conflict between Israel and Iran removed concerns about major supply disruptions in the key Middle East producing region. Since then, Brent has traded in a range of $5.19 and WTI in a range of $5.65 as supply concerns have been alleviated by major producers raising output and investors are increasingly worried about the global economy amid U.S. trade policy changes. However, a weaker U.S. dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped "as trade war concerns offset the support by a softer (U.S. dollar)," IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the U.S. and the EU over tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30 per cent tariff on EU imports on August 1 if a deal is not reached. There are also signs rising supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts.
