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International Business Times
11 hours ago
- Business
- International Business Times
Oil Prices Rise Amid North American Supply Disruptions and OPEC+ Uncertainty
Oil prices edged up on Wednesday as the possibility of supply disruptions prompted by North America production losses provided some support amid expectations OPEC+ producers will stick to agreed output reductions. Brent crude rose 54 cents, or 0.8 percent, to $64.63 a barrel. U.S. West Texas Intermediate (WTI) rose 64 cents, or 0.9%, to $61.45 a barrel. There were several factors contributing to the rise in prices. A major development was the U.S. decision to halt Chevron from exporting Venezuelan crude oil. While Chevron can continue operations in Venezuela, it is now prohibited from exporting oil out of the country or expanding its activities. This move limits supply options for U.S. refiners seeking crude and adds pressure to the global market, which is already facing constraints. And in Canada, wildfires in Alberta led to brief shutdowns of oil and gas production facilities. The fires have forced evacuations from parts of oil operations and are helping to reduce output and tighten supply. The threat from the wildfires underscores the current exposure of the country's energy infrastructure to natural disaster. Behind all this, oil traders are navigating the swirling forces of the organization of the Petroleum Exporting Countries and its allied producer countries, collectively referred to as OPEC+. The group is supposed to meet this week. No immediate decision is expected at Wednesday's full-group meeting, though the broader coalition may hold another meeting on Saturday in a smaller format of just eight member nations to decide whether to boost production next month. OPEC+ will be under pressure to step up supply, industry analysts say. The demand picture is looking up, particularly with the summer driving season around the corner for several countries. Meanwhile, non-OPEC+ production has been stagnant in the first half of the year. Added to the Canadian supply risk, the cry for more production is rising. But some analysts are skeptical. Market analysts say the group is likely to raise production in July but may reconsider as the year goes on as the outlook for the world economy darkens and potential new supplies enter the market. There is also the unknown impact of geopolitics. Continuing strains between the U.S. and Iran have been keeping sentiment in check. If nuclear negotiations between the two countries falter, sanctions on Iranian oil exports would remain in a position to restrict global supply further. With all of these factors in consideration, oil markets continue to be volatile.
CNBC
12 hours ago
- Business
- CNBC
Oil prices pick up as OPEC+ holds oil quotas ahead of July production review
OPEC+ countries on Wednesday agreed to leave their formal output quotas unchanged, with market focus shifting toward potential increases from an eight-member subset of the alliance that had been carrying out separate voluntary production cuts. The OPEC+ coalition has been operating a spate of formal production agreements that bind all members unanimously, along with two output cuts that are only informally tackled by an eight-member subset of the organization. Under formal policy, the entire OPEC+ group is cutting roughly 2 million barrels per day until the end of 2026. On Wednesday, OPEC+ nations said they agreed to "reaffirm the level of overall crude oil production for OPEC and non-OPEC Participating Countries" as agreed during the alliance's December meeting. Separate from formal policy, OPEC+ heavyweight Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates, are also trimming production by 1.66 million barrels per day until the end of next year, under one opt-in agreement. Until the end of March, these eight members also implemented a second combined 2.2 million-barrel-per day voluntary production decline, which they have begun to gradually unwind in the months since. As of the latest announcements, these nations are set to bring back a combined roughly 1 million barrels per day of their previously cut volumes over April-June and will be assessing further production steps over the weekend. The timing of these hikes has coincided with increasing concern within the OPEC+ group that some members — which have in the past included the likes of Kazakhstan, Iraq and Russia — were not respecting their production quotas. "This group is doing its best, but it's not enough only this group, we need the help of others," UAE Energy Minister Suhail Mohamed al-Mazrouei said Tuesday in a World Utilities Congress panel moderated by CNBC's Dan Murphy. On Wednesday, OPEC+ nations called on the OPEC Secretariat to assess each country's sustainable production capacity to determine their baselines for 2027 — levels used to calculate coalition members' output quotas under OPEC+ agreements. OPEC+ members will next hold a ministerial meeting on Nov. 30. Oil prices were in positive territory shortly after the ending of the OPEC+ meeting. The Ice Brent contract with July expiry was at $65.06 per barrel at 4:30 p.m. London time, up 1.5% from the Tuesday close price. Front-month July Nymex WTI futures were trading at $61.96 per barrel, up 1.76% from the previous day's settlement. Oil demand typically spikes during the summer with the start of the travel season and additional crude burn to produce electricity for air conditioning needs in several Middle Eastern countries. In a note out earlier this week, UBS Strategist Giovanni Staunovo flagged a "closely balanced oil market" in the first quarter of this year, compared with a vast projected supply surplus. "We expect further demand and supply revisions with more incoming data," Staunovo said. "With demand seasonally rising and the eight OPEC+ member states with additional voluntary cuts likely still adding more barrels to the market in July, we look for oil prices to move sideways in a USD 60-70/bbl range over the coming months." The UAE's al-Mazrouei echoed this sentiment, flagging, "We need to be mindful of the demand. Demand is picking up. And demand is going to surprise us, if we're not investing enough."
Time of India
16 hours ago
- Business
- Time of India
U.S. stock market futures today: Dow dips 100 points ahead of Nvidia earnings and FOMC minutes, gold rebounds, Exxon exits France, Macy's beats estimates, and Shein shifts IPO plans amid global market volatility
Dow futures slipped by 100 points S&P 500 and Nasdaq futures traded slightly below the flatline This followed Tuesday's 700-point rally in the Dow, ending a 4-day losing streak FOMC minutes from the Fed's May meeting due 11:30 PM IST Nvidia earnings expected after U.S. markets close Live Events 10-year Treasury yield: 4.467% 2-year Treasury yield: 3.961% Yields rose slightly, signaling rate caution Expected after market close Recently announced $5.5 billion write-down due to H20 chip and export issues with China due to H20 chip and export issues with China Growth slowing but still stronger than most peers Oil : Brent above $64, WTI near $61 : Brent above $64, WTI near $61 Gold : Rebounded to $3,309/oz after two days of declines : Rebounded to after two days of declines Dollar Index: Climbing toward 100, pressuring gold Exxon Mobil : Selling 82.89% of Esso SAF in France for €400 million : Selling 82.89% of Esso SAF in France for Macy's: Beat earnings estimates, revenue at $4.6 billion, but stock still down 29% YTD Japan : 40-year bond yield spiked to 3.689% , raising capital flight concerns : 40-year bond yield spiked to , raising capital flight concerns Taiwan : Cut 2025 GDP forecast to 3.10% from 3.14% : Cut 2025 GDP forecast to from EU tariffs: U.S. delayed 50% tariff on EU goods to July 9, following request from EU Commission President Shein shifting IPO plans from London to Hong Kong due to regulatory delays shifting IPO plans from London to due to regulatory delays Nissan planning over $7 billion in fundraising through bonds, loans, and asset sales France: Consumer spending rose only 0.3% in April, well below the 0.8% estimate Why are investors watching the FOMC minutes so closely? What's the big deal about Nvidia's earnings today? What's going on with oil, gold, and the dollar today? What's happening with major companies like Exxon and Macy's? Are international trends adding to U.S. market concerns? Could market uncertainty stretch into the summer? What else is making headlines today? Shein Group is now eyeing a Hong Kong IPO, moving away from London due to delays with Chinese regulatory approvals. Nissan Motor plans to raise over $7 billion through bonds, loans, and asset sales to address a looming debt wall. It's also preparing to sell off stakes in Renault and other holdings. In France, consumer spending rose just 0.3% in April, well below the 0.8% estimate, highlighting ongoing weakness in household demand. Analysts expect continued volatility through July and August through July and August Markets remain sensitive to economic data, trade talks, and policy signals FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Wall Street is treading cautiously as two major market events loom—the release of the Federal Reserve's May FOMC meeting minutes and Nvidia's quarterly earnings report. Both are scheduled for late Wednesday, and they're already stirring investor sentiment in the futures of the latest check, Dow Jones futures dropped by 100 points, showing signs of a jittery market mood. S&P 500 and Nasdaq futures also slipped slightly below the flatline. This comes after a strong rebound on Tuesday, when the Dow surged over 700 points, ending a four-day losing streak. That rally was driven by falling bond yields and a surprise jump in consumer Federal Reserve's meeting minutes, set to be released at 11:30 PM IST, are expected to offer deeper insights into the central bank's thinking around inflation, interest rates, and economic risks. Traders are eager to find clues about how the Fed plans to navigate a landscape marked by uncertain trade policies, slowing growth in some regions, and sticky bond yields slightly higher on Wednesday—10-year Treasury at 4.467% and 2-year at 3.961%—there's speculation the Fed could maintain its cautious stance. Any signals of rate changes or economic concerns could shake up markets the tech sector's heavyweight, will report its quarterly results after U.S. markets close, or early Thursday morning IST. This report is highly anticipated, especially because Nvidia recently announced a massive $5.5 billion write-down due to inventory challenges related to its H20 chip and export restrictions to Nvidia's revenue growth still outpaces most of its peers, the pace is slowing sharply compared to last year. Given how influential Nvidia has become in the AI and semiconductor space, any earnings surprise—good or bad—could ripple across the entire tech prices are bouncing slightly higher after falling 1% Tuesday. Brent is trading above $64 per barrel, while WTI is hovering near $61. The market is juggling mixed signals: potential OPEC+ production hikes and growing tensions around possible new U.S. sanctions on after falling for two straight days, saw a minor rebound near $3,309 an ounce, as some traders looked for safe-haven assets. Still, gold remains under pressure from a stronger U.S. dollar, which climbed back toward the 100 level after a recent dip. The dollar's strength is making gold pricier for global Mobil is in talks to sell its 82.89% stake in French subsidiary Esso SAF to North Atlantic France SAS for €400 million (about $350 million). If finalized, this deal will shrink Exxon's footprint in France. It follows Exxon's 2024 announcement to shut down parts of its petrochemical business in the country. The company expects the deal to close by Q4 2025, pending regulatory Macy's surprised Wall Street with better-than-expected quarterly numbers. Though comparable-store sales fell, the drop was smaller than analysts feared. Revenue came in at $4.6 billion, beating expectations. Still, Macy's stock is down 29% year-to-date, and fell another 1% in early trading Wednesday. The retailer is sticking to its full-year sales outlook, despite rising tariffs and more aggressive promotions from global economic shifts are adding another layer of uncertainty. In Japan, a spike in long-term government bond yields—with 40-year yields reaching 3.689%—is sparking fears that Japanese investors might pull capital out of U.S. markets. This could trigger a reversal of the yen carry trade and tighten global Taiwan, the government has trimmed its GDP forecast for 2025 to 3.10%, down from 3.14%, pointing to concerns over U.S. tariffs and a slowdown in consumer the trade front, U.S.-EU discussions continue, with President Trump postponing a 50% tariff on EU goods to July 9. The move follows a request from European Commission President Ursula von der Leyen. More updates are expected soon, according to Kevin Hassett, Director of the National Economic to Raymond James analyst Tavis McCourt, yes. Markets have swung wildly in recent months—from pricing in near-recession fears in April to overheating concerns by mid-May. Tariff reprieves are set to expire mid-summer, and the anticipated passage of the so-called 'One, Big Beautiful Bill' may not bring immediate clarity. Expect market swings to continue through July and August as investors hunt for US stock market is at a crossroads, balancing strong rebounds with lingering worries over monetary policy, corporate earnings, global capital flows, and trade tensions. Today's events—the FOMC minutes and Nvidia's earnings—could define the market's next direction. With volatility expected to persist into summer, investors are bracing for what's are cautious as Nvidia results and the Fed's May meeting minutes are expected rose slightly as markets awaited Fed signals and trade developments after a recent drop.
Economic Times
16 hours ago
- Business
- Economic Times
U.S. stock market futures today: Dow dips 100 points ahead of Nvidia earnings and FOMC minutes, gold rebounds, Exxon exits France, Macy's beats estimates, and Shein shifts IPO plans amid global market
US Stock Market Future updates the pulse of Wall Street as Dow futures dip ahead of critical FOMC minutes and Nvidia earnings. With traders cautious, all eyes are on today's key triggers—Federal Reserve's policy outlook and Nvidia's performance. Meanwhile, gold rebounds after a two-day fall, Exxon plans a $400M French exit, and Macy's surprises with better-than-expected results. From Japan's bond concerns to Shein's IPO shift and Taiwan's revised growth outlook, markets are navigating mixed global signals. Catch all real-time moves, economic updates, and big corporate headlines shaping investor sentiment today. Stay tuned for everything impacting your portfolio. Tired of too many ads? Remove Ads Dow futures slipped by 100 points S&P 500 and Nasdaq futures traded slightly below the flatline This followed Tuesday's 700-point rally in the Dow, ending a 4-day losing streak FOMC minutes from the Fed's May meeting due 11:30 PM IST Nvidia earnings expected after U.S. markets close Tired of too many ads? Remove Ads 10-year Treasury yield: 4.467% 2-year Treasury yield: 3.961% Yields rose slightly, signaling rate caution Expected after market close Recently announced $5.5 billion write-down due to H20 chip and export issues with China due to H20 chip and export issues with China Growth slowing but still stronger than most peers Oil : Brent above $64, WTI near $61 : Brent above $64, WTI near $61 Gold : Rebounded to $3,309/oz after two days of declines : Rebounded to after two days of declines Dollar Index: Climbing toward 100, pressuring gold Exxon Mobil : Selling 82.89% of Esso SAF in France for €400 million : Selling 82.89% of Esso SAF in France for Macy's: Beat earnings estimates, revenue at $4.6 billion, but stock still down 29% YTD Japan : 40-year bond yield spiked to 3.689% , raising capital flight concerns : 40-year bond yield spiked to , raising capital flight concerns Taiwan : Cut 2025 GDP forecast to 3.10% from 3.14% : Cut 2025 GDP forecast to from EU tariffs: U.S. delayed 50% tariff on EU goods to July 9, following request from EU Commission President Shein shifting IPO plans from London to Hong Kong due to regulatory delays shifting IPO plans from London to due to regulatory delays Nissan planning over $7 billion in fundraising through bonds, loans, and asset sales France: Consumer spending rose only 0.3% in April, well below the 0.8% estimate Why are investors watching the FOMC minutes so closely? Tired of too many ads? Remove Ads What's the big deal about Nvidia's earnings today? What's going on with oil, gold, and the dollar today? What's happening with major companies like Exxon and Macy's? Are international trends adding to U.S. market concerns? Could market uncertainty stretch into the summer? What else is making headlines today? Shein Group is now eyeing a Hong Kong IPO, moving away from London due to delays with Chinese regulatory approvals. Nissan Motor plans to raise over $7 billion through bonds, loans, and asset sales to address a looming debt wall. It's also preparing to sell off stakes in Renault and other holdings. In France, consumer spending rose just 0.3% in April, well below the 0.8% estimate, highlighting ongoing weakness in household demand. Analysts expect continued volatility through July and August through July and August Markets remain sensitive to economic data, trade talks, and policy signals FAQs: Wall Street is treading cautiously as two major market events loom—the release of the Federal Reserve's May FOMC meeting minutes and Nvidia's quarterly earnings report. Both are scheduled for late Wednesday, and they're already stirring investor sentiment in the futures of the latest check, Dow Jones futures dropped by 100 points, showing signs of a jittery market mood. S&P 500 and Nasdaq futures also slipped slightly below the flatline. This comes after a strong rebound on Tuesday, when the Dow surged over 700 points, ending a four-day losing streak. That rally was driven by falling bond yields and a surprise jump in consumer Federal Reserve's meeting minutes, set to be released at 11:30 PM IST, are expected to offer deeper insights into the central bank's thinking around inflation, interest rates, and economic risks. Traders are eager to find clues about how the Fed plans to navigate a landscape marked by uncertain trade policies, slowing growth in some regions, and sticky bond yields slightly higher on Wednesday—10-year Treasury at 4.467% and 2-year at 3.961%—there's speculation the Fed could maintain its cautious stance. Any signals of rate changes or economic concerns could shake up markets the tech sector's heavyweight, will report its quarterly results after U.S. markets close, or early Thursday morning IST. This report is highly anticipated, especially because Nvidia recently announced a massive $5.5 billion write-down due to inventory challenges related to its H20 chip and export restrictions to Nvidia's revenue growth still outpaces most of its peers, the pace is slowing sharply compared to last year. Given how influential Nvidia has become in the AI and semiconductor space, any earnings surprise—good or bad—could ripple across the entire tech prices are bouncing slightly higher after falling 1% Tuesday. Brent is trading above $64 per barrel, while WTI is hovering near $61. The market is juggling mixed signals: potential OPEC+ production hikes and growing tensions around possible new U.S. sanctions on after falling for two straight days, saw a minor rebound near $3,309 an ounce, as some traders looked for safe-haven assets. Still, gold remains under pressure from a stronger U.S. dollar, which climbed back toward the 100 level after a recent dip. The dollar's strength is making gold pricier for global Mobil is in talks to sell its 82.89% stake in French subsidiary Esso SAF to North Atlantic France SAS for €400 million (about $350 million). If finalized, this deal will shrink Exxon's footprint in France. It follows Exxon's 2024 announcement to shut down parts of its petrochemical business in the country. The company expects the deal to close by Q4 2025, pending regulatory Macy's surprised Wall Street with better-than-expected quarterly numbers. Though comparable-store sales fell, the drop was smaller than analysts feared. Revenue came in at $4.6 billion, beating expectations. Still, Macy's stock is down 29% year-to-date, and fell another 1% in early trading Wednesday. The retailer is sticking to its full-year sales outlook, despite rising tariffs and more aggressive promotions from global economic shifts are adding another layer of uncertainty. In Japan, a spike in long-term government bond yields—with 40-year yields reaching 3.689%—is sparking fears that Japanese investors might pull capital out of U.S. markets. This could trigger a reversal of the yen carry trade and tighten global Taiwan, the government has trimmed its GDP forecast for 2025 to 3.10%, down from 3.14%, pointing to concerns over U.S. tariffs and a slowdown in consumer the trade front, U.S.-EU discussions continue, with President Trump postponing a 50% tariff on EU goods to July 9. The move follows a request from European Commission President Ursula von der Leyen. More updates are expected soon, according to Kevin Hassett, Director of the National Economic to Raymond James analyst Tavis McCourt, yes. Markets have swung wildly in recent months—from pricing in near-recession fears in April to overheating concerns by mid-May. Tariff reprieves are set to expire mid-summer, and the anticipated passage of the so-called 'One, Big Beautiful Bill' may not bring immediate clarity. Expect market swings to continue through July and August as investors hunt for US stock market is at a crossroads, balancing strong rebounds with lingering worries over monetary policy, corporate earnings, global capital flows, and trade tensions. Today's events—the FOMC minutes and Nvidia's earnings—could define the market's next direction. With volatility expected to persist into summer, investors are bracing for what's are cautious as Nvidia results and the Fed's May meeting minutes are expected rose slightly as markets awaited Fed signals and trade developments after a recent drop.
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Business Standard
20 hours ago
- Business
- Business Standard
Rupee extends fall as dollar revives; opens 29 paise weaker at 85.63/$
Indian Rupee extended its losses for the second day on Wednesday as the dollar index staged a recovery, after better-than-expected US consumer confidence data. The domestic currency opened 29 paise weaker at 85.63 against the US dollar, after ending at 85.34 on Tuesday, according to Bloomberg. The currency has depreciated by 1.4 per cent in the month so far, after two straight months of gains. Indian rupee fell yesterday before regaining composure and closing at 85.33 as exporters lined up orders to sell their receivables, which are within the costing, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Exporters should consider selling around the 85.50–85.60 level to hedge their receivables, Bhansali said. "Importers, on the other hand, may wait for the rate to fall below 85.00 before buying dollars for near-term hedging purposes." Track LIVE Stock Market Updates Here In cues for the day, all eyes will be on India's upcoming industrial and manufacturing production data. Strong surprise data could offer further support to the rupee, but a miss could cause downside risks, according to Amit Pabari, managing director at CR Forex Advisors. Weak equity markets, muted foreign inflows, and a rebound in crude oil prices were adding pressure to the currency, Pabari said. Meanwhile, the rise in the dollar was driven by Japan's potential cut in bond issuance, which triggered a spike in US Treasury yields. Further, the US consumer confidence rebounded sharply in May from a near five-year low, driving global investors into dollar-denominated assets. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.27 per cent at 99.79. Further, the index is down over 8 per cent so far this year on US trade policy uncertainty and fiscal worries. However, long-term dollar weakness driven by rising fiscal deficit concerns, policy instability, rising uncertainty, and weak economic conditions is going to support the emerging markets, including the rupee, Pabari noted. In commodities, crude oil prices advanced ahead of an OPEC+ committee meeting. Brent crude price was up 0.62 per cent to $64.49 per barrel, while WTI crude prices were 0.64 per cent higher at 61.28, as of 9:15 AM IST.
