Oil Prices Steady Amid Demand Concerns - Jordan News
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Jordan News
a day ago
- Jordan News
Oil Prices Steady After U.S.-Japan Trade Agreement - Jordan News
Oil prices showed little change on Wednesday after three consecutive sessions of declines, as a tariff agreement between the United States and Japan boosted global trade confidence. اضافة اعلان By 06:54 GMT, Brent crude futures dipped by 2 cents (0.03%) to $68.57 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by the same margin to $65.29 per barrel. Both benchmarks had dropped by about 1% in the previous session after the European Commission said it was considering countermeasures in response to U.S. tariffs, dashing hopes for a deal before August 1. U.S. President Donald Trump announced Tuesday that Washington and Tokyo had reached a trade agreement imposing a 15% tariff on Japanese imports, in return for Japan committing to invest $550 billion in the United States. Market attention is now turning to the EU–China summit scheduled for Thursday, which will test the EU's unified stance amid escalating trade tensions with both Beijing and Washington. Vandana Hari, founder of Vanda Insights, remarked: 'The recent price slump appears to have halted, but I don't expect the U.S.–Japan agreement to offer much bullish momentum, as ongoing delays and obstacles in negotiations with the EU and China will continue to weigh on market sentiment.' Meanwhile, the Chinese Ministry of Commerce reported that the Chinese Trade Minister and the EU Trade Commissioner held 'frank and in-depth discussions' on economic cooperation and other issues ahead of the summit. On the supply side, market sources citing data from the American Petroleum Institute (API) indicated that U.S. crude oil and gasoline inventories fell last week, while distillate stocks rose by 3.48 million barrels. ING Research noted in a memo: 'This offers some relief to the tight middle distillate market,' adding that the decline in crude inventories would support prices despite expectations of a large surplus later this year. In a separate development, U.S. Energy Secretary stated Tuesday that the U.S. may consider sanctions on Russian oil to help end the war in Ukraine. The European Union recently passed its 18th sanctions package against Russia, including a lower price cap on Russian oil. However, analysts warned that lack of U.S. participation could undermine the effectiveness of those measures, according to Reuters.
Jordan News
a day ago
- Jordan News
Government: Global Prices of Kerosene and Both Grades of Gasoline Decline - Jordan News
The prices of petroleum derivatives in global markets decreased during the third week of July, compared to the second week of the same month, according to the weekly bulletin issued by the Ministry of Energy and Mineral Resources. اضافة اعلان According to the report: The average price of gasoline (Octane 95) dropped from $686 to $675 per ton, marking a decrease of approximately 2%. The price of gasoline (Octane 90) fell from $668 to $657 per ton, also a 2% decrease. In contrast, the average price of diesel rose slightly from $654 to $656 per ton, an increase of around 0.3%. The average price of kerosene declined marginally from $671 to $670 per ton, a decrease of about 0.1%. The price of fuel oil saw a sharper decline, dropping from $412 to $400 per ton, a reduction of around 3%. Meanwhile, the average price of liquefied petroleum gas (LPG) for July stood at $553 per ton, compared to $578 in June, reflecting a 4% decrease. Additionally, the average price of Brent crude oil fell from $72 to $71 per barrel, a 1% decline.
Ammon
2 days ago
- Ammon
Oil prices pause slide on US-Japan trade deal
Ammon News - Oil prices edged up in Asian trade on Wednesday after falling for three consecutive sessions as a U.S. trade deal, opens new tab with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China summit. Brent crude futures rose 21 cents, or 0.31%, to $68.80 a barrel by 0351 GMT. U.S. West Texas Intermediate crude futures gained 17 cents, or 0.26%, at $65.48 per barrel. Both benchmarks were down about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that includes a 15% tariff on U.S. imports from Japan. He also said Japan had agreed on $550 billion in investments in the U.S. Separately, U.S. crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added. Reuters
