Latest news with #VandanaHari
Business Recorder
24-07-2025
- Business
- Business Recorder
Oil prices edge lower
NEW YORK: Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed a US tariff deal with Japan ahead of trade talks between EU and US officials due later in the day. Brent crude futures were down 30 cents, or 0.44%, at $68.29 a barrel at 11:55 a.m. EDT (1555 GMT). US West Texas Intermediate crude futures were down 28 cents, or 0.43%, at $65.03 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 lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of US-bound investment and loans. '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 Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of US goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% US tariffs. European Trade Commissioner Maros Sefcovic will speak with US Commerce Secretary Howard Lutnick from Brussels on Wednesday afternoon, before Commission officials brief EU ambassadors on the state of play. Oil pared some losses after US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. 'That's a bullish swing,' said Bob Yawger, director of energy futures at Mizuho. 'It was largely a function of import-export dynamics.' US crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net US crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Asharq Al-Awsat
23-07-2025
- Business
- Asharq Al-Awsat
Oil Prices Edge Lower with Trade Talks in Focus
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 35 cents, or 0.5%, at $68.24 a barrel as of 1246 GMT. US West Texas Intermediate crude futures were down 33 cents, or 0.5%, at $64.98 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 Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of US goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% US tariffs. Investors are awaiting US oil inventory data from the Energy Information Administration later on Wednesday. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. On the physical supply side, Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on Wednesday, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters.
Jordan News
23-07-2025
- Business
- Jordan News
Oil Prices Steady After U.S.-Japan Trade Agreement - Jordan News
Oil prices showed little change on Wednesday after three consecutive sessions of declines, as a tariff agreement between the United States and Japan boosted global trade confidence. اضافة اعلان By 06:54 GMT, Brent crude futures dipped by 2 cents (0.03%) to $68.57 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by the same margin to $65.29 per barrel. Both benchmarks had dropped by about 1% in the previous session after the European Commission said it was considering countermeasures in response to U.S. tariffs, dashing hopes for a deal before August 1. U.S. President Donald Trump announced Tuesday that Washington and Tokyo had reached a trade agreement imposing a 15% tariff on Japanese imports, in return for Japan committing to invest $550 billion in the United States. Market attention is now turning to the EU–China summit scheduled for Thursday, which will test the EU's unified stance amid escalating trade tensions with both Beijing and Washington. Vandana Hari, founder of Vanda Insights, remarked: 'The recent price slump appears to have halted, but I don't expect the U.S.–Japan agreement to offer much bullish momentum, as ongoing delays and obstacles in negotiations with the EU and China will continue to weigh on market sentiment.' Meanwhile, the Chinese Ministry of Commerce reported that the Chinese Trade Minister and the EU Trade Commissioner held 'frank and in-depth discussions' on economic cooperation and other issues ahead of the summit. On the supply side, market sources citing data from the American Petroleum Institute (API) indicated that U.S. crude oil and gasoline inventories fell last week, while distillate stocks rose by 3.48 million barrels. ING Research noted in a memo: 'This offers some relief to the tight middle distillate market,' adding that the decline in crude inventories would support prices despite expectations of a large surplus later this year. In a separate development, U.S. Energy Secretary stated Tuesday that the U.S. may consider sanctions on Russian oil to help end the war in Ukraine. The European Union recently passed its 18th sanctions package against Russia, including a lower price cap on Russian oil. However, analysts warned that lack of U.S. participation could undermine the effectiveness of those measures, according to Reuters.
Business Recorder
23-07-2025
- Business
- Business Recorder
Oil prices edge lower with trade talks in focus
LONDON: Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a U.S. tariff deal with Japan ahead of a U.S. stocks data announcement. Brent crude futures were down 50 cents, or 0.7%, at $68.09 a barrel as of 1119 GMT. U.S. West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.84 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs. U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. 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 U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,' said Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs. Investors are awaiting U.S. oil inventory data from the Energy Information Administration later on Wednesday. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. On the physical supply side, Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on Wednesday, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters.
Reuters
23-07-2025
- Business
- Reuters
Oil prices edge lower with trade talks in focus
LONDON, July 23 (Reuters) - Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a U.S. tariff deal, opens new tab with Japan ahead of a U.S. stocks data announcement. Brent crude futures were down 50 cents, or 0.7%, at $68.09 a barrel as of 1119 GMT. U.S. West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.84 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs. U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. 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 U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs. Investors are awaiting U.S. oil inventory data from the Energy Information Administration later on Wednesday. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. On the physical supply side, Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on Wednesday, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters.
