Latest news with #USWestTexasIntermediate
The Star
3 days ago
- Business
- The Star
Crude climbs on US jobs report, China talks
Brent crude futures settled at US$66.47 a barrel, up US$1.13, or 1.73%. US West Texas Intermediate crude finished at US$64.58, up US$1.21 or 1.91%. HOUSTON: Crude rose more than US$1 a barrel on Friday, posting its first weekly gain in three weeks after a favorable US jobs report and resumed trade talks between the US and China, raising hopes for growth in the world's two largest economies. Brent crude futures settled at US$66.47 a barrel, up US$1.13, or 1.73%. US West Texas Intermediate crude finished at US$64.58, up US$1.21 or 1.91%. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
Business Times
3 days ago
- Business
- Business Times
Crude climbs on US jobs report, China talks
[HOUSTON] Crude rose more than US$1 a barrel on Friday, posting its first weekly gain in three weeks after a favourable US jobs report and resumed trade talks between the US and China, raising hopes for growth in the world's two largest economies. Brent crude futures settled at US$66.47 a barrel, up US$1.13, or 1.73 per cent. US West Texas Intermediate crude finished at US$64.58, up US$1.21 or 1.91 per cent. Both benchmarks settled with weekly gains after declining for two straight weeks. Brent has advanced 2.75 per cent this week, while WTI is trading 4.9 per cent higher. 'I think the jobs report was Goldilocks,' said Phil Flynn, senior analyst with the Price Futures Group. 'It was not too hot, not too cold but just right to increase the chances for an interest rate cut by the Federal Reserve.' The US Labor Department's monthly employment report showed the unemployment rate held steady at 4.2 per cent last month. Employers added 139,000 jobs, which combined with downward revisions to prior months' estimates showed a cooling in labour demand but nothing abrupt; by comparison, monthly job gains averaged 160,000 last year. A rate cut by the US central bank, much desired by President Donald Trump, could boost economic growth and demand for petroleum. 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 'This market had priced in a lot of bad options,' said John Kilduff, partner with Again Capital. 'None of it has come to pass. Opec+ held the line. There have been talks between China and the US, though the details are sketchy, at least they didn't fly apart like Elon (Musk) and Donald (Trump).' China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request on Thursday. Trump said the call had led to a 'very positive conclusion', adding the US was 'in very good shape with China and the trade deal'. The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy. On Saturday, Opec+, the Organization of the Petroleum Exporting Countries and allies including Russia, agreed to ramp up output by a previously announced 411,000 barrels per day (bpd) in July. The group rejected a Saudi recommendation for a bigger output hike, part of a broader strategy to win back market share for Opec+. 'The market looks balanced in Q2/Q3 on our estimates as oil demand rises in summer and peaks in July-August, matching supply increases from Opec+,' HSBC said in a note. The US oil and gas rig count, an early indicator of future output, fell by four to 559 in the week to June 6, the lowest since November 2021, energy services firm Baker Hughes said on Friday. Oil rigs fell by nine to 442 this week, while gas rigs rose by five to 114, Baker Hughes said. REUTERS
New Straits Times
4 days ago
- Business
- New Straits Times
Oil settles up as US, China teams to meet following Trump, Xi trade call
HOUSTON: Oil prices settled higher on Thursday, recovering from the previous day's drop, on news that the US and China agreed to more trade talks following a phone call between US President Donald Trump and Chinese leader Xi Jinping. Brent crude futures settled up 48 cents, or 0.70 per cent, at US$65.34 a barrel. US West Texas Intermediate crude settled up 52 cents, or 0.80 per cent, at US$63.37 a barrel. "If we step back from the brink of a major trade war, it will increase demand expectations for oil both in the US and in China," said Phil Flynn, senior analyst with Price Futures Group. The official Xinhua news agency reported earlier that the talks were held at Trump's request. Trump said on social media his call with Xi focused primarily on trade and led to "a very positive conclusion." He announced further lower-level US-China discussions. "We're in very good shape with China and the trade deal," he told reporters later. Canadian Prime Minister Mark Carney and Trump are also in direct communication as part of Ottawa's bid to persuade Washington to lift tariffs, Industry Minister Melanie Joly said. The news encouraged investors a day after oil fell one per cent as data showed US petrol and distillate stockpiles grew more than expected, reflecting weaker demand in the world's largest economy. Geopolitical events and wildfires in Canada that threaten to reduce oil production are providing further price support, despite a potentially oversupplied market in the second half of the year with expected OPEC+ production hikes, PVM analyst Tamas Varga said. Curbing gains on Thursday, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest level in two months. The Saudi price cut followed a move by OPEC+ last weekend to increase output by 411,000 barrels per day for July. The strategy of Saudi Arabia, OPEC's de facto leader, is partly to punish over-producers by potentially unwinding 2.20 million bpd of cuts between June and the end of October, in a bid to wrestle back market share, Reuters previously reported. In economic news, data on Wednesday showed the US services sector contracted in May for the first time in nearly a year. The number of Americans filing new applications for unemployment benefits increased for the week ending May 31, marking the second straight weekly jump, the Labour Department said on Thursday, citing softening labour market conditions amid mounting economic headwinds from Trump's tariffs. The release on Friday of the US nonfarm payrolls report for May could influence the US Federal Reserve's interest rate policy, while the market's focus will also be on geopolitical tensions in the Middle East, UBS analyst Giovanni Staunovo said.
Business Times
4 days ago
- Business
- Business Times
Oil settles up as US, China teams to meet following Trump, Xi trade call
[HOUSTON] Oil prices settled higher on Thursday, recovering from the previous day's drop, on news that the US and China agreed to more trade talks following a phone call between US President Donald Trump and Chinese leader Xi Jinping. Brent crude futures settled up 48 cents, or 0.7 per cent, at US$65.34 a barrel. US West Texas Intermediate crude settled up 52 cents, or 0.8 per cent, at US$63.37 a barrel. 'If we step back from the brink of a major trade war, it will increase demand expectations for oil both in the US and in China,' said Phil Flynn, senior analyst with Price Futures Group. The official Xinhua news agency reported earlier that the talks were held at Trump's request. Trump said on social media his call with Xi focused primarily on trade and led to 'a very positive conclusion.' He announced further lower-level US-China discussions. 'We're in very good shape with China and the trade deal,' he told reporters later. 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 Canadian Prime Minister Mark Carney and Trump are also in direct communication as part of Ottawa's bid to persuade Washington to lift tariffs, Industry Minister Melanie Joly said. The news encouraged investors a day after oil fell 1 per cent as data showed US petrol and distillate stockpiles grew more than expected, reflecting weaker demand in the world's largest economy. Geopolitical events and wildfires in Canada that threaten to reduce oil production are providing further price support, despite a potentially oversupplied market in the second half of the year with expected Opec+ production hikes, PVM analyst Tamas Varga said. Curbing gains on Thursday, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest level in two months. The Saudi price cut followed a move by Opec+ last weekend to increase output by 411,000 barrels per day for July. The strategy of Saudi Arabia, Opec's de facto leader, is partly to punish over-producers by potentially unwinding 2.2 million bpd of cuts between June and the end of October, in a bid to wrestle back market share, Reuters previously reported. In economic news, data on Wednesday showed the US services sector contracted in May for the first time in nearly a year. The number of Americans filing new applications for unemployment benefits increased for the week ending May 31, marking the second straight weekly jump, the Labor Department said on Thursday, citing softening labour market conditions amid mounting economic headwinds from Trump's tariffs. The release on Friday of the US nonfarm payrolls report for May could influence the US Federal Reserve's interest rate policy, while the market's focus will also be on geopolitical tensions in the Middle East, UBS analyst Giovanni Staunovo said. REUTERS
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Oil market hammered as Opec+ announces major output hike
The global oil market was hammered on Monday as investors digested Saturday's announcement by Opec+ about going ahead with output hikes. In morning trading, Brent crude futures fell 3.5 per cent, while US West Texas Intermediate crude fell 3.8 per cent. The market pared gains later in the day. Brent crude futures dropped by 90 cents, or 1.47 per cent, to $60.39 a barrel by 1320 GMT, while US West Texas Intermediate crude was at $57.31 a barrel, down 98 cents, or 1.68 per cent, Reuters reported. Last week, Brent shed 8.3 per cent and WTI 7.5 per cent as Saudi Arabia said it could cope with lower prices. 'Opec+'s decision to extend the 411,000 barrels-per-day production increase planned for May into June has raised concerns about a potential global supply glut, especially at a time when trade tensions threaten to dampen demand,' Ole Hansen, head of commodities strategy at Saxo Bank, said in a note. Both Brent crude and WTI have fallen back towards the four-year lows last seen in the aftermath of the March sell-off triggered by President Trump's so-called 'Liberation Speech.' Saudi Arabia has hinted at the possibility of further monthly increases, citing frustration over persistent overproduction from member countries such as Kazakhstan and Iraq. 'The resulting price decline appears, for now, to have aligned Saudi interests more closely with those of the US — specifically with Trump — than with Russia, a key member of the Opec+ group of producers,' Hansen said. 'The crude oil markets both look fairly weak, but we did see a bit of a bounce form the lows. Because of this, the market looks as if it is going to continue to attempt to find a bottom, in what has been a very ugly market,' Christopher Lewis, a proprietary trader on FXEmpire, wrote. Technically, WTI's failure to break below $55.30 suggests some support, but bearish momentum persists unless prices reclaim resistance at $59.67. 'With OPEC+ bringing more barrels online and inventories swelling, traders are bracing for further downside unless demand signals improve. The oil prices forecast remains bearish in the near term, with supply concerns outweighing any tentative signs of a rebound,' technical analyst James Hyerczyk wrote. At the same time, the strategy may serve to discipline US shale production, which faces headwinds in ramping up further and may even begin to roll over, if current low prices are being maintained in the coming months. 'This potential reduction in shale output could offer medium-term support for both crude oil and not least US natural gas, as the supply of associated gas from shale wells diminishes,' Hansen said. Ahead of the weekend announcement, managed money long positions in crude oil declined by 15,700 contracts to 226,500 — well below the five-year average of 426,000 and the one-year average of 272,000. 'This suggests that choppy price action, the loss of momentum, and continued macro-driven selling are weighing on speculative interest,' Hansen said.
