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Oil prices change little as investors eye impact of new sanctions on Russia
Reuters SINGAPORE
Oil prices barely budged on Monday as traders eyed the impact of new European sanctions on Russian oil supply, rising output from Middle East producers and concerns about fuel outlook as tariffs weighed on global economic growth.
Brent crude futures rose 5 cents to $69.33 a barrel by 0040 GMT after settling 0.35% lower on Friday. US West Texas Intermediate crude was at $67.36 a barrel, up 2 cents, following a 0.30% decline in the previous session.
The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude.
Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.
Rosneft, Russia's biggest oil producer with a stake in Nayara, on Sunday criticised the sanctions as unjustified and illegal, saying the restrictions directly threatened India's energy security.
Iran, another sanctioned oil producer, is due to hold nuclear talks in Istanbul with Britain, France and Germany on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.
In the US, the number of operating oil rigs fell by two to 422 last week, the lowest since September 2021, Baker Hughes said on Friday.
Separately, US tariffs on imports from the European Union are set to kick in on August 1, although US Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc.
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Indian Express
26 minutes ago
- Indian Express
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India Today
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Time of India
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European shares slip as auto stocks weigh, investors eye US-EU trade talks
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel European shares retreated on Friday, giving back gains from the previous session, as automobile stocks weighed and investors awaited updates on EU-U.S. trade talks ahead of U.S. President Donald Trump 's tariff deadline next pan-European STOXX 600 index was down 0.6% at 548.16 points, as of 0712 GMT, after hitting a six-week high on Thursday. Still, the index remained on course for modest weekly FTSE 100 dropped 0.4%, pulling back from its all-time peak reached on regional bourses were also in the the market, European automobile stocks led the sectoral decline with a 1.4% drop, pressured by Valeo after the French car parts supplier cut its full-year sales outlook. Its shares slumped 12.4%.Volkswagen fell 2.4% after Europe's biggest carmaker lowered its outlook on tariff woes. Traton, a truck unit of Volkswagen, came under pressure with an 8.1% slump after it slashed its full-year other stocks, Puma's shares slumped 18.7%, falling the most in the STOXX 600, after the German sportswear brand cut its full-year outlook and reported weaker-than-expected quarterly a week filled with trade discussions, investors cheered agreements with Japan, Indonesia and the Philippines, while hopes for a U.S.-EU deal remain as negotiations with the bloc continued.
