Gold Rebounds from Over One-Month Low as Dollar Weakens - Jordan News
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Oil retreats as US tariff uncertainty looms, OPEC+ set to raise output
Ammon News - Oil prices fell on Thursday after gaining 3% in the previous session as investors are wary higher U.S. tariffs may be reinstated, which could cause lower fuel demand, and as major producers are expected to announce an output hike. Brent crude futures fell 45 cents, or 0.65%, to $68.66 a barrel by 0645 GMT. U.S. West Texas Intermediate crude declined 44 cents, or 0.66%, to $67.01 a barrel Both contracts rose to their highest in one week on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog, raising concerns the lingering dispute over the Middle East producer's nuclear program may again devolve into armed conflict, and the U.S. and Vietnam reached a preliminary trade deal. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia, known as OPEC+ will likely agreed to raise their output by 411,000 barrels per day (bpd) at their meeting this weekend. Reuters
Ammon
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Oil prices little changed as expectations for OPEC+ increase weigh
Ammon News - Oil futures were little changed on Wednesday as markets weighed expectations from more supply from major producers next month, a softer U.S. dollar and a mixed bag of economic and market indicators from the U.S., the world's largest oil consumer. Brent crude was up 2 cents at $67.13 a barrel at 0345 GMT, while U.S. West Texas Intermediate crude fell 1 cent to $65.44 a barrel. Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed following the ceasefire between Iran and Israel. Also weighing on prices, sources said American Petroleum Institute data late on Tuesday showed U.S. crude oil inventories rose by 680,000 barrels in the past week at a time when stockpiles typically draw amid the summer demand season. The market is already seeing the results of the previous OPEC+ increases with Saudi Arabia, the world's biggest oil exporter, lifting shipments in June by 450,000 bpd from May, according to data from Kpler, its highest in more than a year. Reuters
Ammon
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Oil eases on expectations of more OPEC+ supply, tariff fears
Ammon News - Oil prices edged down on Tuesday, weighed by expectations of an OPEC+ output hike in August and concerns of an economic slowdown driven by prospects of higher U.S. tariffs. Brent crude fell 30 cents, or 0.5%, to $66.44 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude edged lower 33 cents, or 0.5%, to $64.78 a barrel. "The market is now concerned that the OPEC+ alliance will continue with its accelerated rate of output increases," ANZ senior commodity strategist Daniel Hynes said in a note. Four OPEC+ sources told Reuters last week that the group plans to raise output by 411,000 barrels per day in August, following similar hikes in May, June, and July. If approved, this would bring OPEC+'s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand. OPEC and its allies including Russia, together known as OPEC+, will meet on July 6. A 12-day war that started with Israel targeting Iran's nuclear facilities on June 13 pushed up Brent prices. They surged above $80 a barrel after the U.S. bombed Iran's nuclear facilities and then slumped to $67 after Trump announced an Iran-Israel ceasefire. Reuters
