Latest news with #TexasIntermediate
The Star
4 hours ago
- Business
- The Star
Oil prices steadies at the weekend after report of planned OPEC+ August output hike
SINGAPORE (Reuters): Oil prices edged up slightly on Friday evening, recovering from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023. Brent crude futures settled at US$67.77 a barrel, up 4 cents, or 0.1%. US West Texas Intermediate crude finished up 28 cents, or 0.4%, at US$65.52 a barrel. Four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a similar-size output increase already planned for July. "The report about an OPEC increase came out and prices cratered," said Phil Flynn, senior market analyst with Price Futures Group, about the midday slide. Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire. "The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. "We're getting a demand premium on oil," Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. U.S. government data on Wednesday showed crude oil and fuel inventories fell last week, with refining activity and demand rising. Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. The U.S. oil and natural gas rig count, an early indicator of future output, fell for a fourth straight month to its lowest since October 2021, Baker Hughes said. The number of oil rigs fell by six to 432 this week, also the lowest level since October 2021. (Reporting by Erwin Seba in Houston, Siyi Liu in Singapore and Nicole Jao in New York; Editing by Marguerita Choy and Emelia Sithole-Matarise) - Reuters
Mint
19 hours ago
- Business
- Mint
Crude prices fall after report of OPEC planning August output boost
HOUSTON (Reuters) -Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC was planning to hike production in August following an increase planned for July. Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S. West Texas Intermediate crude fell 20 cents, or 0.31%, to $65.04. Four delegates from OPEC , which includes allies of the Organization of Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day (bpd) following a similar size output increase already planned for July. "The report about an OPEC increase came out and prices cratered," said Phil Flynn, senior market analyst with Price Futures Group. Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire. "The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah. He said the market was also keeping an eye on the July 6 meeting of the OPEC group of oil producers, adding that summer demand indicators were key as well. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. "We're getting a demand premium on oil," Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. Data from the U.S. Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. [EIA/S] Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.
Mint
20 hours ago
- Business
- Mint
Crude prices fall after report of OPEC planning August output boost
HOUSTON (Reuters) -Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC was planning to hike production in August following an increase planned for July. Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S. West Texas Intermediate crude fell 20 cents, or 0.31%, to $65.04. Four delegates from OPEC , which includes allies of the Organization of Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day (bpd) following a similar size output increase already planned for July. "The report about an OPEC increase came out and prices cratered," said Phil Flynn, senior market analyst with Price Futures Group. Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire. "The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah. He said the market was also keeping an eye on the July 6 meeting of the OPEC group of oil producers, adding that summer demand indicators were key as well. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. "We're getting a demand premium on oil," Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. Data from the U.S. Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. [EIA/S] Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. (Reporting by Erwin Seba in Houston, Siyi Liu in Singapore and Nicole Jao in New York; Editing by Mark Potter, David Evans and Emelia Sithole-Matarise)
Saudi Gazette
4 days ago
- Business
- Saudi Gazette
Trump announces Israel-Iran ceasefire but deadly strikes continue
TEHRAN/TEL AVIV — US President Donald Trump announced a ceasefire between Iran and Israel on Monday evening. Iran's state media confirmed a ceasefire deal but there has been no official comment from Israel yet and it is not clear what time any pause may take place. Israel said it identified multiple missiles launched from Iran early Tuesday morning with one slamming into a residential building in the south that left three dead. Iranian state media reported Israel launched fresh attacks on Iran's capital Tehran overnight. Oil prices extended their slide during Tuesday trade in Asia as Iranian state media announced a ceasefire deal, easing investors' concerns over supply disruptions. US West Texas Intermediate crude last slumped by 2% to $67.13 per barrel, hitting its lowest level in nearly two weeks. Brent crude, the global benchmark, was down 1.8% to $67.17 a barrel. Iranian and Israeli media channels are reporting that the ceasefire between their two nations has begun, but confusion still swirled over the ceasefire' precise details and timing. In his initial announcement, Trump said a ceasefire would begin around six hours from his first social media message announcing the breakthrough, which placed the timing close to 12a eastern after 12 am eastern time, Israeli and Iranian media began running headlines saying the ceasefire had Press TV, which is run by Iran's state-run television operation, said: 'Ceasefire begins following four waves of Iranian attacks on Israeli-occupied territories'.The semi-official Tasnim news agency reported one line on its Telegram channel saying a ceasefire had entered its 'enforcement stage'.Israeli news outlets Channel 12 and Ynet also ran headlines saying the ceasefire had come into state media earlier on Tuesday declared a ceasefire had been 'imposed on the enemy' but did not give a precise government has yet to make any official comment. — CNN
Yahoo
5 days ago
- Business
- Yahoo
US crude oil futures fall over $3 as Trump announces Israel-Iran ceasefire
(Reuters) -U.S. crude futures fell on Tuesday to their lowest level in more than a week as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, relieving worries of supply disruption in the area. U.S. West Texas Intermediate crude fell $3.05, or 4.45%, to $65.46 per barrel as of 1026 GMT, after hitting its lowest level since June 11 earlier in the session. The contract settled over 7% lower in the previous session. Trump announced that Israel and Iran have fully agreed to a complete ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours. If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict.
