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Zawya
a day ago
- Business
- Zawya
Oil prices steady ahead of US-China trade talks
Oil prices were stable on Monday as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and subsequently fuel demand. Brent crude futures gained 11 cents, or 0.2%, to $66.58 a barrel by 1312 GMT while U.S. West Texas Intermediate crude rose by 6 cents, or 0.1%, to $64.64. Brent rose 4% last week and WTI 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors. U.S. President Trump and China's leader Xi Jinping spoke on the telephone on Thursday before U.S. and Chinese officials meet in London on Monday in an effort to calm trade tensions between the two nations. A trade deal between the U.S. and China could support the global economic outlook and in turn boost demand for commodities including oil. Monday's talks could dampen the impact on prices of a slew of Chinese data releases, said IG market analyst Tony Sycamore. Chinese export growth slowed to a three-month low in May as U.S. tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world's second-largest economy at home and abroad. "Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65," Sycamore said, referring to WTI prices. The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance. The prospect of a potential China-U.S. trade deal outweighed concern over the price impact from increased output by the OPEC+ group of oil producers next month. (Reporting by Robert Harvey in London, Florence Tan in Singapore and Colleen Howe in Beijing. Additional reporting by Ahmad Ghaddar in London Editing by David Goodman and David Evans)
Asharq Al-Awsat
31-05-2025
- Business
- Asharq Al-Awsat
OPEC+ Oil Producers Announce another Big Hike for July
The world's largest group of oil producers, OPEC revealed Saturday another big increase of 411,000 barrels per day for July. Having spent years curbing production - more than 5 million barrels a day (bpd) or 5% of world demand - eight OPEC+ countries made an modest output increase in April before tripling it for May, June and now July. The eight countries held an online meeting on Saturday to set July production. They also discussed other options, an OPEC+ delegate said. On Friday, sources familiar with OPEC+ talks had said they could discuss an even larger hike. In a statement OPEC+ cited a "steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" as its reasoning for the July increase, Reuters reported. Algeria was among a small number of nations that requested a pause in the output hikes on Saturday, a source familiar with the matter said. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as US President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. Global oil demand is expected to grow by an average of 775,000 bpd in 2025, according to a Reuters poll of analysts published on Friday, while the International Energy Agency in its latest outlook saw an increase of 740,000 bpd. Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026.
Reuters
12-05-2025
- Business
- Reuters
Russian central bank sees oil prices stabilizing at $60 per barrel
MOSCOW, May 12 (Reuters) - Russia's central bank sees oil prices stabilizing at $60 per barrel going forward as it expects global demand to rebound as trade restrictions ease, the bank said in minutes of its April 25 board meeting, published on Monday. The central bank kept its key interest rate on hold at 21% at the meeting in April. The minutes, which are published about two weeks after each board meeting, provide insight into the factors that influenced the decision. "Global demand will recover as trade restrictions and tariffs are reduced, and as a result of government support measures being implemented," the bank said. Brent crude LCOc1 futures jumped $2.43, or 3.8%, on Monday to $66.34 a barrel after the U.S. and China said they would ease some of their tariff measures, raising hopes of an end to the trade war between the world's two largest consumers of crude oil. The oil price has fallen by about 20% from a 2025 peak of $82 per barrel reached on January 15. The central bank said that the impact on Russia's economy of new trade tariffs in the world economy is seen as limited, mainly expressed through lower global oil prices. However, it warned that the risks of a further escalation of global trade wars are significant. "Prolonged enforcement of restrictions may affect the dynamics of oil prices," the central bank said.
