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11 minutes ago
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Oil prices up; strong demand outweighs surprisingly big OPEC+ output hike
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices rose nearly 2% on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs. Brent crude futures settled up $1.28, or 1.9%, at $69.58. U.S. West Texas Intermediate crude settled up 93 cents or 1.4%, at $67.93. Early in the session, Brent had fallen as low as $67.22 and WTI's session low was $65.40. "The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well," said Dennis Kissler, senior vice president of trading at BOK Financial. Travel industry statistics released last week showed that a record number of Americans had been set to travel for the Fourth of July holiday by road and air. On Saturday, the Organization of the Petroleum Exporting Countries and allies in OPEC+ agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months. The OPEC+ decision will bring nearly 80% of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000-bpd increase for September at the next meeting on August 3. Oil had also come under pressure as U.S. officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand. The U.S. will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. "Although U.S. trade policy is still unfolding, the U.S. is extending deadlines and backing away from punitive tariffs, helping to lift some of the demand gloom in place since April," said Jeffrey McGee, managing director of advisory firm Makai Marine Advisors. Meanwhile, Yemen's Iran-aligned Houthis said on Monday a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year. Israeli Prime Minister Benjamin Netanyahu was due to meet with Trump at the White House on Monday, while Israeli officials hold indirect talks with Hamas aimed at reaching a U.S.-brokered Gaza ceasefire and hostage-release deal. Iranian President Masoud Pezeshkian said he believes Iran can resolve its differences with the U.S. through dialogue, but trust would be an issue after U.S. and Israeli attacks on his country, according to an interview released on Monday. (Additional reporting by Florence Tan and Ahmad Ghaddar; Editing by Marguerita Choy, Nick Zieminski, Cynthia Osterman and David Gregorio) Sign in to access your portfolio
Yahoo
19 minutes ago
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Valuable Capital Group Celebrates Tickrs Financial Singapore's Admission as SGX Derivatives Trading Member
SINGAPORE, July 8, 2025 /PRNewswire/ -- Valuable Capital Group Ltd., a leading fintech-driven global financial services provider, proudly announces that its wholly owned subsidiary, Tickrs Financial Singapore Pte Ltd, has been officially admitted as a Derivatives Trading Member of Singapore Exchange (SGX Group). This significant milestone marks another step forward in Valuable Capital Group's global expansion strategy, reinforcing its commitment to delivering robust investment infrastructure and diversified trading solutions to clients worldwide. Headquartered in Singapore and licensed by the Monetary Authority of Singapore (MAS) since 2022, Tickrs Financial Singapore has rapidly established itself as a trusted financial services provider for institutional, accredited, and high-net-worth investors across Asia and beyond. With its new membership, Tickrs gains direct access to SGX's dynamic derivatives marketplace—further enhancing the group's ability to offer clients deep liquidity, efficient execution, and seamless cross-border trading across asset classes. "We are honoured to be admitted as a derivatives trading member of SGX Group, a globally respected exchange that plays a vital role in Asia's financial markets." said Samuel Ho, CEO of Tickrs Financial Singapore. "This milestone marks a significant step in our strategic growth, enabling us to expand our access to global derivatives markets and better serve our clients with more comprehensive trading solutions. With SGX firmly anchored as one of the leading financial hubs in Asia, we look forward to providing global reach and connectivity for our clients and contributing to the continued vibrancy of the SGX derivatives ecosystem." With clients spanning Singapore, Hong Kong SAR, Malaysia, Indonesia, Australia, and Saudi Arabia, Tickrs Financial Singapore exemplifies Valuable Capital Group's commitment to global scalability, local expertise, and forward-thinking financial innovation. About Valuable Capital Group Valuable Capital Group Ltd (VCGL) is a comprehensive financial services company that provides integrated, cross-market, and multi-asset global investment services to individuals and corporations. VCGL has set up licensed entities in Hong Kong SAR, the United States, Saudi Arabia, and Singapore, gaining worldwide recognition from millions of users. About Tickrs Financial Singapore Tickrs Financial Singapore Pte Ltd serves a growing international client base across markets including Hong Kong SAR, Malaysia, Indonesia, Australia, and Saudi Arabia. Leveraging a deep understanding of diverse regulatory environments and investor profiles, the firm delivers tailored investment solutions with a strong emphasis on cross-border efficiency and client-centric service. View original content: SOURCE Valuable Capital Group Ltd. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 minutes ago
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Morning Bid: Tariff deja vu takes hold
A look at the day ahead in European and global markets from Rocky Swift U.S. President Donald Trump's assertion that his latest tariff deadline was "firm, but not 100% firm" was all Asian share markets needed to stage a weak rally. A July 9 date to secure trade deals with the United States was reset to August 1, and even as 14 nations received letters about tariff hikes on their goods, Trump's words left plenty of time and wiggle room for negotiation. Since Trump's unveiling of his sweeping "Liberation Day" tariffs on April 2, each additional policy change has obeyed the economic maxim of "diminishing marginal returns" in terms of market reaction. Still, 25% duties on goods from Japan and South Korea, America's second- and third-largest trade partners in Asia, are still a hefty burden. More letters are expected to be doled out to other countries this week, keeping tariffs on the front pages. For the time being, a sense of deja vu is keeping market moves muted. The European Union is not among those expected to get a letter, EU sources familiar with the matter told Reuters on Monday. The EU still aims to reach a trade deal by Wednesday after European Commission President Ursula von der Leyen and Trump had a "good exchange," a commission spokesperson said. Since April, the Trump administration has put together just two, thinly sketched out trade agreements, with Britain and Vietnam, and a fragile trade truce with China. The U.S. dollar has been one of the biggest casualties from the tariff turmoil, but it bounced back strongly on Monday and held gains in Asia. Strength in the greenback against Japan's yen and the South Korean won added a tailwind to their major share indexes on Tuesday. Equity futures are indicating a down day broadly for Europe, whereas the U.S. market is poised for a flat open. But on the bright side, Goldman Sachs raised its return forecasts for the S&P 500, citing expectations for U.S. interest rate cuts and continued fundamental strength of major large-cap stocks. Key developments that could influence markets on Tuesday: - Germany trade data for May - Reopening of 5-year government debt auction in Germany – Reopening of 24-year government debt auction in the United Kingdom Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
