Latest news with #PriceFuturesGroup
The Star
17 hours ago
- Business
- The Star
Oil set to log steepest weekly decline in two years as war premium vanishes
SINGAPORE: Oil prices headed for their steepest weekly decline since March 2023 on Friday, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 35 cents, or 0.52%, to $68.08 a barrel by 0429 GMT while U.S. West Texas Intermediate crude gained 40 cents, or 0.61%, to $65.64. That put both contracts on course for a weekly fall of about 12%. The benchmarks are now back at the levels they were at before Isreal began the conflict by firing missiles at Iranian military and nuclear targets on June 13. This week began with prices hitting a five-month high after the U.S. attacked Iranian nuclear sites at the weekend, before slumping to their lowest in over a week on Tuesday when U.S. President Donald Trump announced an Iran-Israel ceasefire. At present, traders and analysts said they could see no material impact from the crisis on oil flow. "Absent the threat of significant supply disruption, we still view oil as fundamentally oversupplied, with our 2025 balances indicating a roughly 2.1 million barrels per day (bpd) surplus," Macquarie analysts wrote in a research note on Thursday. The analysts forecast WTI to average around $67 a barrel this year and $60 next year, raising each forecast by $2 after factoring in a geopolitical risk premium. Small gains in prices later in the week came as U.S. government data showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. "The market is starting to digest the fact that crude oil inventories are very tight all of a sudden," said Phil Flynn, senior analyst with the Price Futures Group. Also supporting prices was a Wall Street Journal report saying Trump planned to choose the next Federal Reserve chief earlier than usual. That fuelled fresh bets on U.S. interest rate cuts which would typically stimulate demand for oil. - Reuters
The Sun
19 hours ago
- Business
- The Sun
Oil prices face steepest weekly drop in two years as war premium fades
SINGAPORE: Oil prices headed for their steepest weekly decline since March 2023 on Friday, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 35 cents, or 0.52%, to $68.08 a barrel by 0429 GMT while U.S. West Texas Intermediate crude gained 40 cents, or 0.61%, to $65.64. That put both contracts on course for a weekly fall of about 12%. The benchmarks are now back at the levels they were at before Israel began the conflict by firing missiles at Iranian military and nuclear targets on June 13. This week began with prices hitting a five-month high after the U.S. attacked Iranian nuclear sites at the weekend, before slumping to their lowest in over a week on Tuesday when U.S. President Donald Trump announced an Iran-Israel ceasefire. At present, traders and analysts said they could see no material impact from the crisis on oil flow. 'Absent the threat of significant supply disruption, we still view oil as fundamentally oversupplied, with our 2025 balances indicating a roughly 2.1 million barrels per day (bpd) surplus,' Macquarie analysts wrote in a research note on Thursday. The analysts forecast WTI to average around $67 a barrel this year and $60 next year, raising each forecast by $2 after factoring in a geopolitical risk premium. Small gains in prices later in the week came as U.S. government data showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. 'The market is starting to digest the fact that crude oil inventories are very tight all of a sudden,' said Phil Flynn, senior analyst with the Price Futures Group. Also supporting prices was a Wall Street Journal report saying Trump planned to choose the next Federal Reserve chief earlier than usual. That fuelled fresh bets on U.S. interest rate cuts which would typically stimulate demand for oil.
Shafaq News
a day ago
- Business
- Shafaq News
Mideast de-escalation pushes oil to weekly low
Shafaq News Oil was set to fall this week with the Iran-Israel ceasefire holding and easing concerns over Middle East supply risks, although prices rose on Friday as the summer driving season ramped up fuel demand in the United States. Brent crude futures rose 34 cents, or 0.5%, to $68.07 a barrel by 0111 GMT. U.S. West Texas Intermediate crude gained 33 cents, or 0.51%, to $65.57 a barrel. Oil futures hit their lowest in more than a week on Tuesday after U.S. President Donald Trump said a ceasefire had been agreed between Iran and Israel. Oil prices inched up on Thursday, though, as U.S. government data showed crude oil and fuel inventories last week, with refining activity and demand rising. "The market is starting to digest the fact that crude oil inventories are very tight all of a sudden," said Phil Flynn, senior analyst with the Price Futures Group. Also supporting oil prices, the dollar index sank to a three-year low on a report that President Donald Trump was planning to choose the next Federal Reserve chief early, fuelling fresh bets on U.S. interest rate cuts. A weaker dollar makes oil less expensive for holders of other currencies, increasing demand and supporting prices. Shortly before oil settled on Thursday, Prime Minister Benjamin Netanyahu said the outcome of Israel's war with Iran presented opportunities for peace that his country must not waste, easing concerns of continuing supply risks.
RTÉ News
a day ago
- Business
- RTÉ News
Oil set to log steepest weekly decline in two years
Oil prices headed for their steepest weekly decline since March 2023 today, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 35 cents, or 0.52%, to $68.08 a barrel by 0429 GMT while US West Texas Intermediate crude gained 40 cents, or 0.61%, to $65.64. That put both contracts on course for a weekly fall of about 12%. The benchmarks are now back at the levels they were at before Isreal began the conflict by firing missiles at Iranian military and nuclear targets on June 13. This week began with prices hitting a five-month high after the US attacked Iranian nuclear sites at the weekend, before slumping to their lowest in over a week on Tuesday when US President Donald Trump announced an Iran-Israel ceasefire. At present, traders and analysts said they could see no material impact from the crisis on oil flow. "Absent the threat of significant supply disruption, we still view oil as fundamentally oversupplied, with our 2025 balances indicating a roughly 2.1 million barrels per day (bpd) surplus," Macquarie analysts wrote in a research note on Thursday. The analysts forecast WTI to average around $67 a barrel this year and $60 next year, raising each forecast by $2 after factoring in a geopolitical risk premium. Small gains in prices later in the week came as US government data showed crude oil and fuel inventories News Story a week earlier, with refining activity and demand rising. "The market is starting to digest the fact that crude oil inventories are very tight all of a sudden," said Phil Flynn, senior analyst with the Price Futures Group. Also supporting prices was a Wall Street Journal report saying Trump planned to choose the next Federal Reserve chief earlier than usual. That fuelled fresh bets on US interest rate cuts which would typically stimulate demand for oil.
Business Recorder
a day ago
- Business
- Business Recorder
Oil set to log steepest weekly decline in two years as war premium vanishes
SINGAPORE: Oil prices headed for their steepest weekly decline since March 2023 on Friday, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 35 cents, or 0.52%, to $68.08 a barrel by 0429 GMT while U.S. West Texas Intermediate crude gained 40 cents, or 0.61%, to $65.64. That put both contracts on course for a weekly fall of about 12%. The benchmarks are now back at the levels they were at before Isreal began the conflict by firing missiles at Iranian military and nuclear targets on June 13. This week began with prices hitting a five-month high after the U.S. attacked Iranian nuclear sites at the weekend, before slumping to their lowest in over a week on Tuesday when U.S. President Donald Trump announced an Iran-Israel ceasefire. At present, traders and analysts said they could see no material impact from the crisis on oil flow. 'Absent the threat of significant supply disruption, we still view oil as fundamentally oversupplied, with our 2025 balances indicating a roughly 2.1 million barrels per day (bpd) surplus,' Macquarie analysts wrote in a research note on Thursday. Oil climbs as investors shift focus to demand signals The analysts forecast WTI to average around $67 a barrel this year and $60 next year, raising each forecast by $2 after factoring in a geopolitical risk premium. Small gains in prices later in the week came as U.S. government data showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. 'The market is starting to digest the fact that crude oil inventories are very tight all of a sudden,' said Phil Flynn, senior analyst with the Price Futures Group. Also supporting prices was a Wall Street Journal report saying Trump planned to choose the next Federal Reserve chief earlier than usual. That fuelled fresh bets on U.S. interest rate cuts which would typically stimulate demand for oil.
