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Business Recorder
7 hours ago
- Business
- Business Recorder
Oil prices fall as key trade talks falter ahead of tariff deadline
NEW YORK: Oil prices fell on Tuesday for a third consecutive session, as hopes faded for a trade deal between the US and Europe, feeding fears of an economic slowdown in the world's largest oil markets. Brent crude futures were down 82 cents, or 1.2%, to $68.39 a barrel by 1:59 p.m. EDT. US West Texas Intermediate crude futures for August delivery, set to expire on Tuesday, fell $1.05, or 1.6%, to $66.15 per barrel. The more active September WTI contract was down 87 cents, or 1.3%, to $65.08 a barrel. The European Union was exploring a broader set of possible counter-measures against the US as prospects faded for an acceptable trade agreement with Washington, EU diplomats told Reuters. US President Donald Trump has set an August 1 deadline for countries to secure trade deals or face steep tariffs. He had threatened a 30% tariff on EU imports if no deal was reached. 'It appears that tariff factor is becoming a greater focus ahead of the US deadline,' analysts at energy advisory firm Ritterbusch and Associates said in a note. Prospects of an interim trade deal between the US and India before that deadline have also dimmed, two Indian government sources told Reuters. Diesel was the top decliner across the energy complex, reflecting economic concerns. The industrial fuel, used predominantly in manufacturing, construction and heavy transport, had been the top performer in oil markets over recent weeks due to tight global supplies. US ultra-low sulfur diesel futures slid nearly 3% on Tuesday to $102.50 a barrel.
The Star
9 hours ago
- Business
- The Star
Oil prices fall as key trade talks falter
Brent crude futures were down 82 cents, or 1.2%, to US$68.39 a barrel by 1:59 p.m. EDT. US West Texas Intermediate crude futures for August delivery fell US$1.05, or 1.6%, to US$66.15 per barrel. NEW YORK: Oil prices fell on Tuesday for a third consecutive session, as hopes faded for a trade deal between the US and Europe, feeding fears of an economic slowdown in the world's largest oil markets. Brent crude futures were down 82 cents, or 1.2%, to US$68.39 a barrel by 1:59 p.m. EDT. US West Texas Intermediate crude futures for August delivery, set to expire on Tuesday, fell US$1.05, or 1.6%, to US$66.15 per barrel. The more active September WTI contract was down 87 cents, or 1.3%, to US$65.08 a barrel. The European Union was exploring a broader set of possible counter-measures against the US as prospects faded for an acceptable trade agreement with Washington, EU diplomats told Reuters. US President Donald Trump has set an August 1 deadline for countries to secure trade deals or face steep tariffs. He had threatened a 30% tariff on EU imports if no deal was reached. "It appears that tariff factor is becoming a greater focus ahead of the US deadline," analysts at energy advisory firm Ritterbusch and Associates said in a note. Prospects of an interim trade deal between the US and India before that deadline have also dimmed, two Indian government sources told Reuters. Diesel was the top decliner across the energy complex, reflecting economic concerns. The industrial fuel, used predominantly in manufacturing, construction and heavy transport, had been the top performer in oil markets over recent weeks due to tight global supplies. US ultra-low sulfur diesel futures slid nearly 3% on Tuesday to US$102.50 a barrel. Still, crude price declines may be limited by the possibility that the US could scale back the tariffs it has threatened or even delay them, Ritterbusch and Associates said. Meanwhile, a Reuters poll of analysts showed US crude oil inventories likely fell by about 600,000 barrels in the week to July 18. — Reuters
Business Times
9 hours ago
- Business
- Business Times
Oil prices fall as key trade talks falter ahead of tariff deadline
[NEW YORK] Oil prices fell on Tuesday for a third consecutive session, as hopes faded for a trade deal between the US and Europe, feeding fears of an economic slowdown in the world's largest oil markets. Brent crude futures were down 82 cents, or 1.2 per cent, to US$68.39 a barrel by 1.59 pm EDT. US West Texas Intermediate crude futures for August delivery, set to expire on Tuesday, fell US$1.05, or 1.6 per cent, to US$66.15 per barrel. The more active September WTI contract was down 87 cents, or 1.3 per cent, to US$65.08 a barrel. The European Union was exploring a broader set of possible counter-measures against the US as prospects faded for an acceptable trade agreement with Washington, EU diplomats told Reuters. US President Donald Trump has set an Aug 1 deadline for countries to secure trade deals or face steep tariffs. He had threatened a 30 per cent tariff on EU imports if no deal was reached. 'It appears that tariff factor is becoming a greater focus ahead of the US deadline,' analysts at energy advisory firm Ritterbusch and Associates said in a note. 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 Prospects of an interim trade deal between the US and India before that deadline have also dimmed, two Indian government sources told Reuters. Diesel was the top decliner across the energy complex, reflecting economic concerns. The industrial fuel, used predominantly in manufacturing, construction and heavy transport, had been the top performer in oil markets over recent weeks due to tight global supplies. US ultra-low sulfur diesel futures slid nearly 3 per cent on Tuesday to US$102.50 a barrel. Still, crude price declines may be limited by the possibility that the US could scale back the tariffs it has threatened or even delay them, Ritterbusch and Associates said. Meanwhile, a Reuters poll of analysts showed US crude oil inventories likely fell by about 600,000 barrels in the week to July 18. REUTERS
Business Recorder
19 hours ago
- Business
- Business Recorder
Oil prices fall as tariff deadline looms
LONDON: Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity. Brent crude futures were down 53 cents, or 0.8%, to $68.68 a barrel at 1219 GMT. U.S. West Texas Intermediate crude was at $66.57 a barrel, down 63 cents, or 0.9%. The August WTI contract expires on Tuesday and the more active September contract was down 52 cents, or 0.8%, to $65.43 a barrel. 'Oil prices fell for a third straight session … as urgency builds in trade negotiations between the U.S. and its partners,' Soojin Kim, an analyst at bank MUFG, said in a note. The Trump administration has set an August 1 deadline for countries to secure trade deals or face steep tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30% tariff on EU imports if a deal is not reached. A weaker dollar has limited some losses for crude as buyers using other currencies are paying relatively less. Prices have slipped 'as trade war concerns offset the support by a softer (U.S. dollar),' IG market analyst Tony Sycamore wrote in a note. Stronger distillate profit margins due to low inventories are also supporting crude prices. 'The move lower might have seen more momentum if it were not for the continued performance in distillates which continues to be aided by low stocks,' PVM Oil analyst John Evans said in a note. Meanwhile, a Reuters poll of analysts showed U.S. crude oil inventories likely fell by about 600,000 barrels in the week to July 18.
Jordan News
20 hours ago
- Business
- Jordan News
Oil Prices Drop Amid Mounting Concerns Over Fuel Demand - Jordan News
Oil Prices Drop Amid Mounting Concerns Over Fuel Demand Oil prices declined on Tuesday amid growing concerns that slowing business activity could impact fuel demand, as trade tensions escalate between the United States and the European Union—both major consumers of crude. اضافة اعلان Brent crude futures fell by 52 cents, or 0.75%, to $68.69 per barrel as of 03:25 GMT. U.S. West Texas Intermediate (WTI) crude was down 51 cents, or 0.76%, at $66.69 per barrel. The August WTI contract expires on Tuesday. The more actively traded September contract dropped 54 cents, or 0.82%, to $65.41 a barrel. Priyanka Sachdeva, Senior Market Analyst at Phillip Nova, said: "Concerns over demand persist amid rising global trade tensions, especially as markets await the latest tariff threats between major economies and potential announcements from Trump ahead of the August 1 deadline." She added that investors are also monitoring the ripple effects of new U.S. sanctions on Russian crude oil. Supply concerns have largely eased thanks to increased output by major producers, and following the June 24 ceasefire that ended the conflict between Israel and Iran. A weaker dollar offered some support to crude prices, making oil less expensive for buyers using other currencies. Tony Sycamore, market analyst at IG, wrote in a note that prices have dipped as "trade war fears offset the support provided by a softer dollar." Sycamore also pointed to the potential for an escalation in the U.S.-EU trade dispute over tariffs. According to EU diplomats, the bloc is exploring a broader range of potential countermeasures against the United States as hopes fade for a mutually acceptable trade deal with Washington. The U.S. has threatened to impose 30% tariffs on EU imports starting August 1 if no agreement is reached. Reuters
