Latest news with #TsuyoshiUeno
Shafaq News
6 days ago
- Business
- Shafaq News
Oil slips on rising OPEC+ output, despite Canadian supply concerns
Shafaq News/ Oil prices slipped in Asian trade on Wednesday, weighed down by concerns of increasing OPEC+ output and tariff tension that threatens the global economic outlook, though worries about Canadian supply provided a floor. Brent crude futures dipped 23 cents, or 0.4%, to $65.40 a barrel by 0318 GMT, while U.S. West Texas Intermediate crude was down 25 cents, or 0.4%, at $63.16 a barrel. Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries over supply disruption from Canadian wildfires and expectations that Iran would reject a U.S. nuclear deal proposal key to easing sanctions on the major oil producer. "Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains," said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that the OPEC+ increases were capping the upside. Ueno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors stayed cautious over the broader economic fallout from tariffs. U.S. President Donald Trump and Chinese leader Xi Jinping are likely to speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating a deal to roll back tariffs and trade curbs. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll of the U.S. economy. Analysts weighed the impact of OPEC+ increases and the Canadian wildfire situation on supply. "The current backwardation in the front of the crude oil futures curve is a result of low inventory balances observed since the beginning of the year," BofA analysts told clients in a note. "In contrast, the contango further out on the curve suggests the market anticipates future slack due to OPEC's planned supply increases and a broader deceleration of the global economy." Markets were still expecting the wildfires that have swept Canada since May to crimp supply, despite a temporary respite from wet weather. "However, this relief could be short-lived amid forecasts for drier and warmer weather towards the end of this week," ING analysts said in a client note. Some analysts expect the loss in Canadian supply to offset more than half the increases next month planned by OPEC+. "Estimates suggest around 350,000 barrels per day have been affected and shut in," said SEB analyst Ole Hvalbye, referring to the impact of the wildfires. "To put this in context, the disruption exceeds three-quarters of the volume OPEC+ agreed to add to the market in July."
CNBC
6 days ago
- Business
- CNBC
Oil prices slip as rising OPEC+ output, tariff fears weigh on outlook
Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 5 cents, or 0.1%, to $65.58 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was at $63.32 a barrel, down 9 cents, or 0.1%. Both benchmarks climbed about 2% on Tuesday to a two-week high, supported by worries over supply disruptions from Canadian wildfires and expectations that Iran will reject a U.S. nuclear deal proposal that is key to easing sanctions on the major oil producer. "Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains," said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that OPEC+ production increases were capping the upside. Ueno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors remained cautious over the broader economic fallout from tariffs. U.S. President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. As the Trump administration pressed U.S. trading partners to provide their best offers by Wednesday, the protracted negotiations and moving deadlines have led economists to scale back growth forecasts. On Tuesday, the Organization for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the U.S. economy. Meanwhile, scores of wildfires have swept across Canada since the start of May, forcing thousands of evacuations and disrupting crude oil production in the country. U.S. crude stocks fell by 3.3 million barrels in the week ended May 30, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by 4.7 million barrels and distillate stocks rose by about 760,000 barrels. A Reuters poll of nine analysts estimated an average draw of 1 million barrels in crude stocks. Official inventory data from the U.S. Energy Information Administration (EIA) is due on Wednesday.
New Straits Times
6 days ago
- Business
- New Straits Times
Oil prices slip as rising OPEC+ output, tariff fears weigh on outlook
TOKYO: Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 5 US cents, or 0.1 per cent, to US$65.58 a barrel by 0040 GMT while US West Texas Intermediate crude was at US$63.32 a barrel, down 9 US cents, or 0.1 per cent. Both benchmarks climbed about 2 per cent on Tuesday to a two-week high, supported by worries over supply disruptions from Canadian wildfires and expectations that Iran will reject a US nuclear deal proposal that is key to easing sanctions on the major oil producer. "Despite fears over Canadian supply and stalled Iran-US nuclear talks, oil markets are struggling to extend gains," said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that OPEC+ production increases were capping the upside. Ueno said hopes for progress in US-China trade talks were overshadowed by profit-taking, as investors remained cautious over the broader economic fallout from tariffs. US President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. As the Trump administration pressed US trading partners to provide their best offers by Wednesday, the protracted negotiations and moving deadlines have led economists to scale back growth forecasts. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the US economy. Meanwhile, scores of wildfires have swept across Canada since the start of May, forcing thousands of evacuations and disrupting crude oil production in the country. US crude stocks fell by 3.30 million barrels in the week ended May 30, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by 4.70 million barrels and distillate stocks rose by about 760,000 barrels. A Reuters poll of nine analysts estimated an average draw of one million barrels in crude stocks. Official inventory data from the US Energy Information Administration (EIA) is due on Wednesday.
Business Recorder
6 days ago
- Business
- Business Recorder
Oil prices slip as rising OPEC+ output, tariff fears weigh on outlook
TOKYO: Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 5 cents, or 0.1%, to $65.58 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was at $63.32 a barrel, down 9 cents, or 0.1%. Both benchmarks climbed about 2% on Tuesday to a two-week high, supported by worries over supply disruptions from Canadian wildfires and expectations that Iran will reject a U.S. nuclear deal proposal that is key to easing sanctions on the major oil producer. 'Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains,' said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that OPEC+ production increases were capping the upside. Ueno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors remained cautious over the broader economic fallout from tariffs. U.S. President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. As the Trump administration pressed U.S. trading partners to provide their best offers by Wednesday, the protracted negotiations and moving deadlines have led economists to scale back growth forecasts. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the U.S. economy. Oil: War, wildfires and weak demand Meanwhile, scores of wildfires have swept across Canada since the start of May, forcing thousands of evacuations and disrupting crude oil production in the country. U.S. crude stocks fell by 3.3 million barrels in the week ended May 30, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by 4.7 million barrels and distillate stocks rose by about 760,000 barrels. A Reuters poll of nine analysts estimated an average draw of 1 million barrels in crude stocks. Official inventory data from the U.S. Energy Information Administration (EIA) is due on Wednesday.
Time of India
6 days ago
- Business
- Time of India
Oil prices slip as rising OPEC+ output, tariff fears weigh on outlook
Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions . Brent crude futures dipped 5 cents, or 0.1%, to $65.58 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was at $63.32 a barrel, down 9 cents, or 0.1%. Both benchmarks climbed about 2% on Tuesday to a two-week high, supported by worries over supply disruptions from Canadian wildfires and expectations that Iran will reject a U.S. nuclear deal proposal that is key to easing sanctions on the major oil producer. "Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains," said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that OPEC+ production increases were capping the upside. Ueno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors remained cautious over the broader economic fallout from tariffs. Live Events U.S. President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. As the Trump administration pressed U.S. trading partners to provide their best offers by Wednesday, the protracted negotiations and moving deadlines have led economists to scale back growth forecasts. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the U.S. economy. Meanwhile, scores of wildfires have swept across Canada since the start of May, forcing thousands of evacuations and disrupting crude oil production in the country. U.S. crude stocks fell by 3.3 million barrels in the week ended May 30, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by 4.7 million barrels and distillate stocks rose by about 760,000 barrels. [API/S] A Reuters poll of nine analysts estimated an average draw of 1 million barrels in crude stocks. [EIA/S] Official inventory data from the U.S. Energy Information Administration (EIA) is due on Wednesday.
