Latest news with #PhillipNova
Jordan News
2 days ago
- Business
- Jordan News
Oil Prices Drop Amid Mounting Concerns Over Fuel Demand - Jordan News
Oil Prices Drop Amid Mounting Concerns Over Fuel Demand Oil prices declined on Tuesday amid growing concerns that slowing business activity could impact fuel demand, as trade tensions escalate between the United States and the European Union—both major consumers of crude. اضافة اعلان Brent crude futures fell by 52 cents, or 0.75%, to $68.69 per barrel as of 03:25 GMT. U.S. West Texas Intermediate (WTI) crude was down 51 cents, or 0.76%, at $66.69 per barrel. The August WTI contract expires on Tuesday. The more actively traded September contract dropped 54 cents, or 0.82%, to $65.41 a barrel. Priyanka Sachdeva, Senior Market Analyst at Phillip Nova, said: "Concerns over demand persist amid rising global trade tensions, especially as markets await the latest tariff threats between major economies and potential announcements from Trump ahead of the August 1 deadline." She added that investors are also monitoring the ripple effects of new U.S. sanctions on Russian crude oil. Supply concerns have largely eased thanks to increased output by major producers, and following the June 24 ceasefire that ended the conflict between Israel and Iran. A weaker dollar offered some support to crude prices, making oil less expensive for buyers using other currencies. Tony Sycamore, market analyst at IG, wrote in a note that prices have dipped as "trade war fears offset the support provided by a softer dollar." Sycamore also pointed to the potential for an escalation in the U.S.-EU trade dispute over tariffs. According to EU diplomats, the bloc is exploring a broader range of potential countermeasures against the United States as hopes fade for a mutually acceptable trade deal with Washington. The U.S. has threatened to impose 30% tariffs on EU imports starting August 1 if no agreement is reached. Reuters
Arab News
2 days ago
- Business
- Arab News
Oil Updates — prices fall as trade war concerns increase worries about fuel demand
SINGAPORE: Oil prices declined on Tuesday amid concerns the brewing trade war between major crude consumers, the US and the EU, will curb fuel demand growth by lowering economic activity. Brent crude futures were down 28 cents, or 0.40 percent, to $68.93 a barrel at 8:58 Saudi time. US West Texas Intermediate crude was at $66.83 a barrel, down 37 cents, or 0.55 percent. Both benchmarks settled slightly lower on Monday. The August WTI contract expires on Tuesday, and the more active September contract was down 29 cents, or 0.44 percent, to $65.66 a barrel. 'Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of the August 1 deadline,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. 'Investors are also eyeing the ripple effects of fresh US sanctions on Russian crude,' she added. Supply concerns have largely been alleviated by major producers raising output, and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid US trade policy changes. A weaker US dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped 'as trade war concerns offset the support by a softer (US dollar),' IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the US and the EU over tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The US has threatened to impose a 30 percent tariff on EU imports on Aug. 1 if a deal is not reached. There are also signs that rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and its allies unwind output cuts. Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative showed on Monday.
The Herald
2 days ago
- Business
- The Herald
Oil price falls as trade war concerns increase worries about fuel demand
Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the US and the EU will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52c, or 0.75%, to $68.69 (R1,209) a barrel by 3.25 GMT. US West Texas Intermediate crude was at $66.69 (R1,174) a barrel, down 51c, or 0.76%. The benchmarks settled slightly lower on Monday. The August West Texas Intermediate contract expires on Tuesday and the more active September contract was down 54c, or 0.82%, to $65.41 (R1.151) a barrel. 'Broad demand concerns continue to simmer amid escalating global trade tensions, specially as markets eye the latest tariff threats between major economies and [US President Donald] Trump's potential announcements ahead of the August 1 deadline,' said Priyanka Sachdeva, senior market analyst at Phillip Nova.
TimesLIVE
2 days ago
- Business
- TimesLIVE
Oil price falls as trade war concerns increase worries about fuel demand
Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the US and the EU will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52c, or 0.75%, to $68.69 (R1,209) a barrel by 3.25 GMT. US West Texas Intermediate crude was at $66.69 (R1,174) a barrel, down 51c, or 0.76%. The benchmarks settled slightly lower on Monday. The August West Texas Intermediate contract expires on Tuesday and the more active September contract was down 54c, or 0.82%, to $65.41 (R1.151) a barrel. 'Broad demand concerns continue to simmer amid escalating global trade tensions, specially as markets eye the latest tariff threats between major economies and [US President Donald] Trump's potential announcements ahead of the August 1 deadline,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. 'Investors are also eyeing the ripple effects of fresh US sanctions on Russian crude,' she said. Supply concerns have largely been alleviated by major producers raising output and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid US trade policy changes. A weaker US dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped 'as trade war concerns offset the support by a softer (US dollar)', IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the US and the EU over tariffs. The EU is exploring a broader set of possible countermeasures against the US as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The US has threatened to impose a 30% tariff on EU imports on August 1 if a deal is not reached. There are also signs rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts. Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative showed on Monday.
Business Recorder
2 days ago
- Business
- Business Recorder
Oil falls as trade war concerns increase worries about fuel demand
Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52 cents, or 0.75%, to $68.69 a barrel by 0325 GMT. U.S. West Texas Intermediate crude was at $66.69 a barrel, down 51 cents, or 0.76%. Both benchmarks settled slightly lower on Monday. The August WTI contract expires on Tuesday and the more active September contract was down 54 cents, or 0.82%, to $65.41 a barrel. 'Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of August 1 deadline,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. 'Investors are also eyeing the ripple effects of fresh US sanctions on Russian crude,' she added. Supply concerns have largely been alleviated by major producers raising output and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid U.S. trade policy changes. A weaker U.S. dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped 'as trade war concerns offset the support by a softer (U.S. dollar),' IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the U.S. and the EU over tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30% tariff on EU imports on August 1 if a deal is not reached. There are also signs that rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts. Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
