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Shafaq News
14 hours ago
- Business
- Shafaq News
Basrah crude prices drop despite global oil market steadiness
Shafaq News – Baghdad Iraq's Basrah crude prices fell on Tuesday, even as international oil markets held steady. Basrah Heavy dropped by $0.42 to $67.10 per barrel, while Basrah Medium also declined by $0.42, reaching $70.60 per barrel. Globally, oil prices were largely flat as traders assessed the impact of a new trade deal between the United States and the European Union and awaited the US Federal Reserve's decision on interest rates. As of 06:10 GMT, Brent crude futures edged up by one cent to $70.05 a barrel, while US West Texas Intermediate (WTI) slipped by two cents to $66.69 a barrel.
Business Times
a day ago
- Business
- Business Times
Oil rises 2% on US-EU trade deal, Trump's shorter deadline for Russia
[NEW YORK] Oil prices rose 2 per cent on Monday after a trade deal between the US and the European Union, and US President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions. Brent crude futures were up US$1.60, or 2.3 per cent, at US$70.04 a barrel. US West Texas Intermediate crude rose US$1.55, or 2.4 per cent, to US$66.71. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days. The deal between the US and EU and a possible extension of the US-China tariff pause are also supporting global financial markets and oil prices, said Tony Sycamore, a market analyst at IG. The framework trade pact with the EU announced on Sunday sets a 15 per cent US import tariff on most EU goods. Trump also said the deal called for US$750 billion of EU purchases of US energy in the coming years. 'Europe is going to have to give up a big percentage of everything they're getting from Russia,' said Phil Flynn, senior analyst with Price Futures Group. 'Not only does it (the trade pact) give US producers a huge boost with this commitment, it also puts more pressure on (Russian President Vladimir) Putin to come to the table.' 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 Senior US and Chinese officials are meeting in Stockholm on Monday to try to extend their tariff truce before an Aug 12 deadline. The US-EU deal removed another layer of uncertainty and the focus seems to be shifting back towards fundamentals, said Tamas Varga, an analyst at PVM, adding that a strong dollar and falling Indian oil imports have weighed on crude prices. On the supply side, an Opec+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight Opec+ members to decide on increasing oil output for September. ING expects Opec+, the group that includes the Organization of the Petroleum Exporting Countries and allies such as Russia, to at least complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September. REUTERS
Time of India
2 days ago
- Business
- Time of India
Oil rises as US-EU deal boosts trade optimism
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand. Brent crude futures inched up 61 cents, or 0.89 per cent, to $69.05 a barrel by 0647 GMT, while US West Texas Intermediate crude stood at $65.75 a barrel, up 59 cents, or 0.91 per cent. The US-European Union trade deal and a possible extension in the US-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. "With the risk of a prolonged trade war and the importance of the August tariff deadlines being steadily defused, markets have responded positively," he added in a note. Sunday's US-EU framework trade pact sets an import tariff of 15 per cent on most EU goods, half the threatened rate. The deal averted a bigger trade war between two allies that account for almost one-third of global trade and could crimp fuel demand. Also set for Monday is a meeting in Stockholm of senior US and Chinese negotiators aiming to extend before an August 12 deadline a truce holding off sharply higher tariffs. Oil prices settled on Friday at their lowest in three weeks weighed down by global trade concerns and expectations of more oil supply from Venezuela. State-run oil company PDVSA is readying to resume work at its joint ventures under terms similar to Biden-era licences, once US President Donald Trump reinstates authorisations for its partners to operate and export oil under swaps, company sources said. Though prices were up slightly on Monday, gains were limited by the prospect of OPEC+ further easing supply curbs. A market monitoring panel of the Organization of the Petroleum Exporting Countries and their allies is set to meet at 1200 GMT on Monday. It is unlikely to recommend altering existing plans by eight members to raise oil output by 548,000 barrels per day in August, four OPEC+ delegates said last week, though another source said it was too early to say. ING expects OPEC+ will at least complete the full return of 2.2 million barrels per day of the additional voluntary supply cuts by the end of September. That would work out to a supply hike in September of at least 280,000 barrels per day. However, there is clearly room for a more aggressive hike. The producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. JP Morgan analysts said global oil demand rose by 600,000 bpd in July on year, while global oil stocks rose 1.6 million bpd. In the Middle East, Yemen's Houthis said on Sunday they would target ships of companies that do business with Israeli ports, regardless of nationality, in what they called a fourth phase of military operations against Israel over the Gaza conflict.
Business Times
4 days ago
- Business
- Business Times
Oil prices dip to settle at three-week low on US and China economic concerns
[NEW YORK] Oil prices eased on Friday (Jul 25) and settled at a three-week low as traders worried about negative economic news from the US and China and signs of growing supply. Losses were limited by optimism US trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 74 US cents, or 1.1 per cent, to settle at US$68.44, while US West Texas Intermediate (WTI) crude fell 87 US cents, or 1.3 per cent, to settle at US$65.16. Those were the lowest settlement levels for Brent since Jul 4 and WTI since Jun 30. For the week, Brent was down about 1 per cent with WTI down about 3 per cent. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland. European Union officials and diplomats said they expected to reach a framework trade deal this weekend. 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 The euro zone economy has remained resilient to the pervasive uncertainty caused by a global trade war, a slew of data showed on Friday, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts. In the US, new orders for US-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting business spending on equipment slowed considerably in the second quarter. Trump said he had a good meeting with Federal Reserve chair Jerome Powell and got the impression that the head of the US central bank might be ready to lower interest rates. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. In China, the world's second-biggest economy, fiscal revenue dipped 0.3 per cent in the first six months from a year earlier, the finance ministry said, maintaining the rate of decline seen between January and May. Growing supplies? The US is preparing to allow partners of Venezuela's state-run PDVSA, starting with US oil major Chevron, to operate with limitations in the sanctioned nation, sources said on Thursday. That could boost Venezuelan oil exports by a little more than 200,000 barrels per day (bpd), news US refiners would welcome, as it would ease tightness in the heavier crude market, ING analysts wrote. Iran said it would continue nuclear talks with European powers after 'serious, frank, and detailed' conversations on Friday, the first such face-to-face meeting since Israel and the US bombed Iran last month. Venezuela and Iran are members of the Organization of the Petroleum Exporting Countries (Opec). Any deal that could increase the amount of oil either sanctioned country could export would boost the amount of crude available to global markets. OPEC said the joint ministerial monitoring committee (JMMC) scheduled to convene on Monday does not hold decision-making authority over production levels. Four Opec+ delegates said an Opec+ panel is unlikely to alter existing plans to raise oil output when it meets, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. Opec+ includes Opec and allies like Russia. In Russia, the world's No 2 crude producer behind the US, daily oil exports from its western ports are set to be around 1.8 million bpd in August, down from 1.9 million bpd in July's plan, Reuters calculations based on data from two sources show. In the US, energy firms this week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said in its closely followed report on Friday. REUTERS
Observer
5 days ago
- Business
- Observer
Oman oil price reaches $70.52 per barrel
MUSCAT: The official price of Oman oil for September delivery on Wednesday reached $70.52. The price of Oman oil decreased by 18 cents compared to Tuesday's price of $70.70. The monthly average price of Omani crude oil for July delivery reached $63.62 per barrel, a decrease of $4.25 compared to the price for June delivery. Meanwhile, international oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement. Brent crude futures were down 50 cents, or 0.7%, at $68.05 a barrel as of 11:19 GMT. US West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.78 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs. US President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that included a 15% tariff on US imports from Japan. 'The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment', said an analyst. — Agencies MUSCAT: The official price of Oman oil for September delivery on Wednesday reached $70.52. The price of Oman oil decreased by 18 cents compared to Tuesday's price of $70.70. The monthly average price of Omani crude oil for July delivery reached $63.62 per barrel, a decrease of $4.25 compared to the price for June delivery. Meanwhile, international oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement. Brent crude futures were down 50 cents, or 0.7%, at $68.05 a barrel as of 11:19 GMT. US West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.78 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs. US President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that included a 15% tariff on US imports from Japan. 'The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment', said an analyst. — Agencies
