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Yahoo
27 minutes ago
- Yahoo
Oil eases as traders assess US tariffs, OPEC+ output hike
By Stephanie Kelly and Jeslyn Lerh SINGAPORE (Reuters) -Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August. Brent crude futures dipped 22 cents, or 0.3%, at $69.36 a barrel by 0330 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, at $67.66 a barrel. U.S. President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller U.S. exporters like Serbia, Thailand and Tunisia, that sharply higher U.S. tariffs will start August 1, though he later said that deadline was not 100% firm. Trump's tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand. However, there are some signs current demand remains strong, particularly in the U.S., the world's biggest oil consumer, which has supported prices. A record 72.2 million Americans were projected to travel more than 50 miles (80 km) for Fourth of July vacations, data from travel group AAA showed last week. Investors were bullish heading into the holiday period with data from the U.S. Commodity Futures Trading Commission released on Monday showing money managers raised their net-long futures and options positions in crude oil contracts in the week up to July 1. "Prompt demand remains healthy on the back of seasonal factors. The question remains if forward demand will maintain to absorb the larger-than-expected supply from OPEC+," said Emril Jamil, a senior analyst at LSEG Oil Research. Other signs of higher demand were seen in India, the world's third-largest oil consumer, with government data reporting fuel consumption in June was 1.9% higher than a year ago. On Saturday, the Organization of the Petroleum Exporting Countries and allies, a group known as 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 decision removes nearly all of the 2.2 million-bpd of voluntary cuts the group enacted. They are set to approve an increase of about 550,000 bpd for September when it meets on August 3, according to five sources familiar with the matter, which would unwind all of the cuts. However, actual output increases have been smaller than the announced levels so far and most of the supply has been from Saudi Arabia, analysts said.
Bloomberg
an hour ago
- Bloomberg
Romania to Hold Rates as Tax Changes Hit Prices: Decision Guide
Romania's central bank is likely to leave borrowing costs unchanged as the government's recently announced tax hikes are expected to trigger a new spike in inflation over the coming months. The National Bank of Romania will hold the benchmark rate at 6.5% for a seventh meeting, according to all 13 economists in a Bloomberg survey.
Bloomberg
an hour ago
- Bloomberg
Banks Plough Billions Into Coal ‘as if Glasgow Never Happened'
Global banks channeled more than $385 billion to the coal power industry over the past three years, with annual flows increasing last year from 2023, according to analysis by a group of nonprofits. At the COP26 climate summit in Glasgow in 2021, almost 200 governments agreed to phase down coal and many of the world's largest commercial banks committed to decarbonize their portfolios. Four years on, those pledges have failed to make a dent on financial flows.
