Latest news with #USRetailers
Reuters
7 days ago
- Business
- Reuters
Oil prices hold steady as US and China extend tariffs deadline
LONDON, Aug 12 (Reuters) - Oil prices were little changed on Tuesday after the United States and China extended a pause on higher tariffs and data showed a rise in U.S. inflation in July. Brent crude futures lost 36 cents, or 0.54%, to $66.27 a barrel by 1240 GMT. U.S. West Texas Intermediate crude futures eased by 45 cents, or 0.7%, to $63.51. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season. This raised hopes that an agreement could be reached between the world's two largest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices lower. U.S. consumer prices increased in July as tariff-induced rising costs for imported goods helped to drive the strongest gain in six months for one measure of underlying inflation. Also potentially weighing on the oil market, Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss an end to the war in Ukraine. The U.S. has stepped up pressure on Russia to end the conflict, with Trump setting a deadline of last Friday for Russia to agree to peace in Ukraine or have its oil buyers face secondary sanctions. He has also pressed India and China to reduce their purchases of Russian oil. "If Friday's meeting brings a ceasefire or even a peace deal in Ukraine closer, Trump could suspend the secondary tariffs imposed on India last week before they come into force in two weeks," Commerzbank said in a note. "If not, we could see tougher sanctions against other buyers of Russian oil, like China." Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market outlook. OPEC's monthly report on Tuesday said that global oil demand will rise by 1.38 million barrels per day (bpd) in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.
Zawya
7 days ago
- Business
- Zawya
Oil inches up as US-China tariff truce extension boosts trade hopes
SINGAPORE - Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers. Brent crude futures gained 14 cents, or 0.2%, to $66.77 a barrel by 0643 GMT, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1%, to $64.04. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season. This raised hopes that an agreement could be attained between the world's two largest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices lower. Oil's gains have also been supported by fresh signs of softness in the U.S. labour market, which have boosted expectations for a Federal Reserve rate cut in September, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. Also on the radar is U.S. inflation data later in the day, that could shape the Fed's rate path. Interest rate cuts typically boost economic activity and oil demand. Potentially weighing on the oil market, Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss an end to the war in Ukraine. "The U.S.-Russia diplomatic track on the Ukraine conflict remains a wildcard, with traders monitoring for any geopolitical surprises that could disrupt supply routes or sanction regimes," Sachdeva said. The meeting comes as the U.S. steps up pressure on Russia, with the threat of harsher penalties on Russian oil buyers such as China and India if no peace deal is reached. "Any peace deal between Russia and Ukraine would end the risk of disruption to Russian oil that has been hovering over the market," ANZ senior commodity strategist Daniel Hynes wrote in a note. Trump set a deadline of last Friday for Russia to agree to peace in Ukraine or have its oil buyers face secondary sanctions, while pressing India to reduce purchases of Russian oil. Washington also wants Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China. The risk of those sanctions being enacted has receded ahead of the August 15 Trump-Putin meeting.
Reuters
7 days ago
- Business
- Reuters
Oil steadies as US, China announce tariff extension
LONDON, Aug 12 (Reuters) - Oil prices were broadly steady on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would hit oil consumption. Brent crude futures lost 2 cents to $66.61 a barrel by 0904 GMT, while U.S. West Texas Intermediate crude futures eased 10 cents, or 0.2%, to $63.86. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season. This raised hopes that an agreement could be attained between the world's two largest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices lower. Oil's gains have also been supported by fresh signs of softness in the U.S. labour market, which have boosted expectations for a Federal Reserve rate cut in September, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. Also on the radar is U.S. inflation data later in the day, which could shape the Fed's rate path. Interest rate cuts typically boost economic activity and oil demand. Potentially weighing on the oil market, Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss an end to the war in Ukraine. The meeting comes as the U.S. steps up pressure on Russia, with the threat of harsher penalties on Russian oil buyers such as China and India if no peace deal is reached. Trump set a deadline of last Friday for Russia to agree to peace in Ukraine or have its oil buyers face secondary sanctions, while pressing India and China to reduce purchases of Russian oil. "If Friday's meeting brings a ceasefire or even a peace deal in Ukraine closer, Trump could suspend the secondary tariffs imposed on India last week before they come into force in two weeks," Commerzbank said in a note. "If not, we could see tougher sanctions against other buyers of Russian oil, like China".
Arab News
7 days ago
- Business
- Arab News
Oil Updates — prices inch up as US-China tariff truce extension boosts trade hopes
SINGAPORE: Oil prices rose on Tuesday as the US and China extended a pause on higher tariffs, easing concerns that an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers. Brent crude futures gained 14 cents, or 0.2 percent, to $66.77 a barrel by 09:43 a.m. Saudi time, while US West Texas Intermediate crude futures rose 8 cents, or 0.1 percent, to $64.04. US President Donald Trump extended a tariff truce with China to Nov. 10, staving off triple-digit duties on Chinese goods as US retailers prepared for the critical end-of-year holiday season. This raised hopes that an agreement could be attained between the world's two largest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices lower. Oil's gains have also been supported by fresh signs of softness in the US labour market, which have boosted expectations for a Federal Reserve rate cut in September, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. Also on the radar is US inflation data later in the day, that could shape the Fed's rate path. Interest rate cuts typically boost economic activity and oil demand. Potentially weighing on the oil market, Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss an end to the war in Ukraine. 'The US-Russia diplomatic track on the Ukraine conflict remains a wildcard, with traders monitoring for any geopolitical surprises that could disrupt supply routes or sanction regimes,' Sachdeva said. The meeting comes as the US steps up pressure on Russia, with the threat of harsher penalties on Russian oil buyers such as China and India if no peace deal is reached. 'Any peace deal between Russia and Ukraine would end the risk of disruption to Russian oil that has been hovering over the market,' ANZ senior commodity strategist Daniel Hynes wrote in a note. Trump set a deadline of last Friday for Russia to agree to peace in Ukraine or have its oil buyers face secondary sanctions, while pressing India to reduce purchases of Russian oil. Washington also wants Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China. The risk of those sanctions being enacted has receded ahead of the Aug. 15 Trump-Putin meeting.
Reuters
7 days ago
- Business
- Reuters
Oil inches up as US-China tariff truce extension boosts trade hopes
SINGAPORE, Aug 12 (Reuters) - Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers. Brent crude futures gained 14 cents, or 0.2%, to $66.77 a barrel by 0643 GMT, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1%, to $64.04. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season. This raised hopes that an agreement could be attained between the world's two largest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices lower. Oil's gains have also been supported by fresh signs of softness in the U.S. labour market, which have boosted expectations for a Federal Reserve rate cut in September, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. Also on the radar is U.S. inflation data later in the day, that could shape the Fed's rate path. Interest rate cuts typically boost economic activity and oil demand. Potentially weighing on the oil market, Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss an end to the war in Ukraine. "The U.S.-Russia diplomatic track on the Ukraine conflict remains a wildcard, with traders monitoring for any geopolitical surprises that could disrupt supply routes or sanction regimes," Sachdeva said. The meeting comes as the U.S. steps up pressure on Russia, with the threat of harsher penalties on Russian oil buyers such as China and India if no peace deal is reached. "Any peace deal between Russia and Ukraine would end the risk of disruption to Russian oil that has been hovering over the market," ANZ senior commodity strategist Daniel Hynes wrote in a note. Trump set a deadline of last Friday for Russia to agree to peace in Ukraine or have its oil buyers face secondary sanctions, while pressing India to reduce purchases of Russian oil. Washington also wants Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China. The risk of those sanctions being enacted has receded ahead of the August 15 Trump-Putin meeting.
