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Reuters
a day ago
- Business
- Reuters
Oil rises on US-EU trade deal, Trump's shorter deadline for Russia
LONDON, July 28 (Reuters) - Oil prices rose on Monday after a trade deal between the U.S. and the European Union and U.S. President Donald Trump's announcement that he would shorten the deadline set for Russia to end its war in Ukraine or face severe tariffs. Brent crude futures were up $1.63, or 2.4%, at $70.07 a barrel by 1317 GMT while U.S. West Texas Intermediate crude rose $1.62, or 2.5%, at $66.78. Brent was trading close to its highest price in nearly 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days. The deal between the U.S. and EU and a possible extension of the U.S.-China tariff pause also are supporting global financial markets and oil prices, said Tony Sycamore, a market analyst at IG. The framework trade pact with the EU that was announced on Sunday sets a 15% U.S. import tariff on most EU goods. Trump also said it called for $750 billion of EU purchases of U.S. energy in the coming years. Senior U.S. and Chinese officials are meeting in Stockholm on Monday to try to extend their tariff truce before an August 12 deadline. The U.S.-EU deal removed another layer of uncertainty and the focus seems to be shifting back towards fundamentals, said Tamas Varga, an analyst at PVM, adding that a strong dollar and falling Indian oil imports have weighed on crude prices. On the supply side, an OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates told Reuters on July 25. ING expects OPEC+, the group that includes the Organization of the Petroleum Exporting Countries and allies like Russia, to at least complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September.
Yahoo
2 days ago
- Business
- Yahoo
Oil prices rise as US-EU deal lifts trade optimism
Oil (BZ=F, CL=F) Oil prices climbed in early European trading on Monday following a trade agreement between the United States and the European Union, easing fears of escalating transatlantic trade tensions ahead of a key tariff deadline. Brent (BZ=F) crude futures gained 0.9% to trade at $69.04 per barrel, at the time of writing, while West Texas Intermediate (CL=F) futures climbed by 0.8% to $65.70 a barrel. The modest gains came after Washington and Brussels struck a last-minute trade pact on Sunday, ahead of US president Donald Trump's 1 August deadline for a new round of tariffs on EU imports. Under the agreement, most European goods will now face a 15% import tariff, half the rate initially proposed by the US administration. Read more: FTSE 100 LIVE: Markets higher as EU agrees 15% tariff in US trade deal The agreement, which averts a broader trade conflict between two economies that together account for nearly a third of global trade, helped support sentiment in financial markets, including oil. "With the risk of a prolonged trade war and the importance of the August tariff deadlines being steadily defused, markets have responded positively," IG markets analyst Tony Sycamore said in a note. The deal also raised hopes of further de-escalation in global trade tensions, including a potential extension of the current tariff pause between Washington and Beijing. However, gains in crude prices were tempered by investor caution ahead of a meeting of the Opec+ alliance on Monday. The group is expected to review the pace at which it is easing supply curbs implemented during the pandemic-induced downturn. Gold (GC=F) Gold prices were muted on Monday morning, as the trade agreement between the US and the EU boosted investor confidence and dampened demand for the traditional safe haven asset. Gold futures were flat at $3,335.90 per ounce, at the time of writing, while spot gold advanced 0.1% to $3,341.97 per ounce. The precious metal lost some of its appeal as markets digested news of a new transatlantic trade deal that helped ease tensions between Washington and Brussels. The agreement has lifted broader market sentiment, weighing on gold, which tends to perform best during periods of heightened uncertainty. Stocks: Create your watchlist and portfolio Analysts noted that progress toward a trade truce lowered uncertainty, drawing funds into equities and reducing bullion's attraction. Gold's gains were further capped by investor caution ahead of a closely watched US Federal Reserve policy decision due later this week. The central bank is widely expected to leave its benchmark interest rate unchanged in the 4.25%-4.50% range when its two-day meeting concludes on Wednesday. "In the short term, we don't expect gold to experience wild swings. Investors are turning their focus to a pivotal week for US monetary policy and economic data," Jigar Trivedi, senior commodity analyst at Reliance Securities, told Reuters. Pound (GBPUSD=X, GBPEUR=X) The pound held flat against the US dollar on Monday morning, trading at $1.3424, as a quiet UK data calendar left the currency largely directionless and vulnerable to broader dollar moves ahead of a crucial week for US economic releases and Federal Reserve policy. The US dollar index ( which measures the greenback against a basket of six currencies, was higher at 97.88. Tuesday is set to bring the latest US job openings figures and consumer confidence data. While job openings are forecast to have declined in June, sentiment is expected to have improved in July, a combination that could generate mixed signals for the dollar. Wednesday's calendar features the first estimate of second-quarter US GDP growth and the Fed's interest rate decision. A strong GDP reading, coupled with continued resistance to near-term rate cuts, could provide fresh momentum for the dollar. Read more: How to get the best currency exchange deal for your holiday money Thursday sees the release of the core PCE price index, the Federal Reserve's preferred inflation gauge. A rise in June's figure, as anticipated, would likely bolster the greenback further. However, Friday's non-farm payrolls report may temper the rally. The July data is expected to show a sharp slowdown in employment growth and a slight uptick in the unemployment rate from 4.1% to 4.2%, a figure that could put some downward pressure on the dollar. Elsewhere in currencies, the pound pushed higher against the euro. Sterling was up 0.3% against the single currency to trade at €1.1473 at the time of writing. In equities, the FTSE 100 (^FTSE) was in the green this morning, up 0.3% to 9,148 points. For more details, on market movements check our live coverage here.
Asharq Al-Awsat
6 days ago
- Business
- Asharq Al-Awsat
Oil Prices Edge Lower with Trade Talks in Focus
Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement. Brent crude futures were down 35 cents, or 0.5%, at $68.24 a barrel as of 1246 GMT. US West Texas Intermediate crude futures were down 33 cents, or 0.5%, at $64.98 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs. US President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that included a 15% tariff on US imports from Japan. "The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of US goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% US tariffs. Investors are awaiting US oil inventory data from the Energy Information Administration later on Wednesday. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. On the physical supply side, Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on Wednesday, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters.
Reuters
6 days ago
- Business
- Reuters
Oil prices little changed after US-Japan trade deal
LONDON, July 23 (Reuters) - Oil prices were steady on Wednesday after falling for three consecutive sessions as a U.S. tariff deal, opens new tab with Japan improved global trade sentiment. Brent crude futures were down 12 cents, or 0.2%, at $68.47 a barrel as of 0907 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $65.17 per barrel. Both benchmarks lost 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. U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan. "The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. China's commerce minister and the European Union's trade chief had a "candid and in-depth" discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday. 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. "This will offer some relief to the middle distillate market, which has been looking increasingly tight," ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Arab News
7 days ago
- Business
- Arab News
Oil Updatess — prices stabilize after US-Japan trade deal
NEW DELHI: Oil prices were little changed on Wednesday after falling for three consecutive sessions as a US tariff deal with Japan improved global trade sentiment. Brent crude futures were down 2 cents, or 0.03 percent, at $68.57 a barrel as of 8:54 a.m. Saudi time. US West Texas Intermediate crude futures were also down 2 cents, at $65.29 per barrel. Both benchmarks lost about 1 percent in the previous session after the EU said it was considering countermeasures against US tariffs, as hope faded for a deal ahead of an AuG. 1 deadline. President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that includes a 15 percent tariff on US imports from Japan. He also said Japan had agreed to invest $550 billion in the US. Meanwhile, industry expectations are low for Thursday's EU-China summit, which will test the bloc's unity and resolve amid mounting trade tensions with both Beijing and Washington. 'The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,' said Vandana Hari, founder of oil market analysis provider Vanda Insights. China's commerce minister and the European Union's trade chief had a 'candid and in-depth' discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday. Separately, US 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. 'This will offer some relief to the middle distillate market, which has been looking increasingly tight,' ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. But analysts said a lack of US participation would hinder the effectiveness of the package.
