Latest news with #OrganizationofPetroleumExporting
Ammon
20 hours ago
- Business
- Ammon
Oil falls as Trump's 50-day deadline for Russia eases supply fears
Ammon News - Oil prices fell on Tuesday after U.S. President Donald Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns. Brent crude futures fell 29 cents, or 0.4%, to $68.92 a barrel by 0342 GMT, while U.S. West Texas Intermediate crude futures fell 35 cents, or 0.5%, to $66.63. Both contracts settled more than $1 lower in the previous session. Elsewhere, oil demand is set to stay "very strong" through the third quarter, keeping the market snugly balanced in the near term, the Organization of Petroleum Exporting Countries' secretary general said, according to a Russian media report. Goldman Sachs on Monday raised its oil price outlook for the second half of 2025, pointing to potential supply disruptions, shrinking oil inventories in Organisation for Economic Co-operation and Development countries, and production constraints in Russia. Reuters
Saba Yemen
a day ago
- Business
- Saba Yemen
Oil Prices See Slight Increase in Global Markets
Singapore - SABA Oil prices rose in Asian trading on Friday as markets anticipated a potential U.S. announcement regarding Russia that could lead to new sanctions affecting global supplies. Brent crude futures increased by 19 cents (0.28%) to $68.83 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 24 cents (0.36%) to $66.81 per barrel. The price increase followed U.S. President Donald Trump's statement about an upcoming announcement concerning Russia. However, gains remained limited due to market concerns about tariff implications and rising production from the OPEC+ alliance. Oil prices faced pressure earlier this week after OPEC+, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, agreed to increase production by 548,000 barrels per day starting next August in an effort to balance supply and demand. Markets also declined on Thursday, with benchmark crude losing over 2% due to concerns about the impact of U.S. trade policies on global economic growth and energy demand. Whatsapp Telegram Email Print more of (Economy)
Business Insider
13-06-2025
- Business
- Business Insider
Oil prices surge over 10% after Israel said it struck Iran
US benchmark West Texas Intermediate crude oil futures jumped as much as 14%. They were trading 9.4% higher at $74.45 a barrel at 11:22 p.m. ET on Thursday. International benchmark Brent crude oil futures gained as much as 13% and were up 8.9% at $75.5 a barrel at 11:23 p.m. ET "This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions," wrote Warren Patterson, the head of commodities strategy at ING, on Friday. Iran is the fourth-largest oil producer in the Organization of Petroleum Exporting Countries and has repeatedly threatened to close the Strait of Hormuz, a key oil shipping route for oil and gas that connects the Persian Gulf to the Gulf of Oman. Nearly a third of global seaborne oil moves through the Strait of Hormuz, wrote Patterson. Qatar, which accounts for one-fifth of the world's liquified natural gas trade, also uses this route to ship the fuel. "Unfortunately, there is no alternative route," wrote Patterson. "This would leave the global LNG market extremely tight, pushing European gas prices significantly higher." The sharp upswing in oil prices comes after a period of lull in the oil markets due to ample supply and slow demand. Until now, crude prices were broadly moving lower this year. Any sustained rise in energy prices would push up inflation and pump prices at a time of heightened economic uncertainty amid President Donald Trump's import tariffs. Israel's major strike against Iran Israel's military launched a major preemptive strike against Iran's nuclear program on Friday morning local time. Israeli Prime Minister Benjamin Netanyahu said in a video statement on Friday that the operation will continue "for as many days as it takes." Netanyahu said in his statement that Iran has produced enough highly enriched uranium for nine atom bombs, but did not provide any evidence to back his claim. Iran's nuclear program presents "a clear and present danger to Israel's very survival," he added. Israel's strike on Iran comes as the US is engaging Iran on a new nuclear deal. President Donald Trump said earlier on Thursday that an attack on Iran "could very well happen" if they were not able to reach an agreement. Secretary of State Marco Rubio said in a statement on Thursday, after the attack, that Israel had taken "unilateral action" against Iran.
Yahoo
12-05-2025
- Business
- Yahoo
Oil jumps 4% as traders signal 'risk back on' after China-US trade truce
Oil jumped as much as 4% before paring gains Monday after a US-China trade truce sent the overall stock market and commodities higher. West Texas Intermediate (CL=F) futures rallied over 2% to hover near $62.50 per barrel. Brent crude (BZ=F), the international benchmark, also rebounded to trade above $65. Monday's oil price rally was exacerbated by a likely short position covering after talks between the US and China resulted in a 90-day pause on tariffs and substantial reduction of duties. "For traders it's a 'risk back on' signal which is triggering some short covering in crude," Dennis Kissler, senior vice president at BOK Financial said in a client note. Investors had feared the trade war would spark an economic slowdown, impacting oil demand. In other news, oil giant Saudi Aramco announced over the weekend it saw profits plunge last quarter, fueling speculation that Saudi Arabia, the leader of the Organization of Petroleum Exporting Countries and its allies (OPEC+) could push to curtail some of the cartel's recent production hike promises. Futures are down more than 12% year-to-date as fears of demand from a global trade ware and expectations of more supply from OPEC have weighed on prices. Last week US shale producer Diamondback warned domestic production had likely peaked and would decline in the coming quarters given the current prices. Goldman Sachs analysts see downside risks to oil if OPEC+ moves forward with its output increases, and even decides to raise in July too. "We expect solid supply growth outside US shale to weigh further on prices and on US shale supply, and update our estimates of the (mostly downside) risks to prices," Goldman's Daan Stuyven and his team wrote on Sunday night. The analysts forecast Brent to edge down and average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Oil jumps 4% as traders signal 'risk back on' after China-US trade truce
Oil jumped as much as 4% before paring gains Monday after a US-China trade truce sent the overall stock market and commodities higher. West Texas Intermediate (CL=F) futures rallied over 2% to hover near $62.50 per barrel. Brent crude (BZ=F), the international benchmark, also rebounded to trade above $65. Monday's oil price rally was exacerbated by a likely short position covering after talks between the US and China resulted in a 90-day pause on tariffs and substantial reduction of duties. "For traders it's a 'risk back on' signal which is triggering some short covering in crude," Dennis Kissler, senior vice president at BOK Financial said in a client note. Investors had feared the trade war would spark an economic slowdown, impacting oil demand. In other news, oil giant Saudi Aramco announced over the weekend it saw profits plunge last quarter, fueling speculation that Saudi Arabia, the leader of the Organization of Petroleum Exporting Countries and its allies (OPEC+) could push to curtail some of the cartel's recent production hike promises. Futures are down more than 12% year-to-date as fears of demand from a global trade ware and expectations of more supply from OPEC have weighed on prices. Last week US shale producer Diamondback warned domestic production had likely peaked and would decline in the coming quarters given the current prices. Goldman Sachs analysts see downside risks to oil if OPEC+ moves forward with its output increases, and even decides to raise in July too. "We expect solid supply growth outside US shale to weigh further on prices and on US shale supply, and update our estimates of the (mostly downside) risks to prices," Goldman's Daan Stuyven and his team wrote on Sunday night. The analysts forecast Brent to edge down and average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
