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CNBC
a day ago
- Business
- CNBC
Oil prices little changed as investors look ahead to OPEC+ meeting
Oil futures were little changed on Wednesday as investors are wary ahead of a meeting of major producers this week to determine output levels for August. Brent crude was up 1 cent at $67.12 a barrel at 0124 GMT, while U.S. West Texas Intermediate crude fell 5 cents to $65.40 a barrel. Demand expectations received a boost on Tuesday after a private-sector survey showed factory activity expanded in June in China, the world's biggest oil importer, analysts said. Since Iran and Israel have halted attacks on each other following their 12-day conflict, Brent has traded between a high of $69.04 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed. "Oil prices seem to be in a tight range as we've seen a reduction in geopolitical risk and nerves about what OPEC may do in regards to raising production," said Phil Flynn, senior analyst with the Price Futures Group. Price have been kept in check by expectations that the Organization of the Petroleum Exporting Countries and its allies including Russia, know as OPEC+, will boost its August crude oil output by an amount similar to the outsized hikes agreed in May, June, and July. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6. The market is already seeing the results of the previous OPEC+ increases with Saudi Arabia, the world's biggest oil exporter, lifting shipments in June by 450,000 bpd from May, according to data from Kpler, its highest in more than a year. In the U.S., crude oil inventories rose by 680,000 barrels in the past week, according to sources citing figures from the American Petroleum Institute. Official data from the Energy Information Administration is due Wednesday at 10:30 a.m. ET. U.S. non-farm payrolls data due on Thursday will shape expectations around the depth and timing of interest rate cuts by the federal reserve in the second half of this year, said Tony Sycamore, analyst at IG. Lower interest rates could spur economic activity which would in turn boost oil demand. Investors are also watching trade negotiations ahead of U.S. President Donald Trump's tariff deadline of July 9. Trump on Tuesday said he is not thinking of extending the deadline.
Time of India
a day ago
- Business
- Time of India
Oil prices little changed as investors look ahead to OPEC+ meeting
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Oil futures were little changed on Wednesday as investors are wary ahead of a meeting of major producers this week to determine output levels for August. Brent crude was up 1 cent at $67.12 a barrel at 0124 GMT, while U.S. West Texas Intermediate crude fell 5 cents to $65.40 a expectations received a boost on Tuesday after a private-sector survey showed factory activity expanded in June in China, the world's biggest oil importer, analysts Iran and Israel have halted attacks on each other following their 12-day conflict, Brent has traded between a high of $69.04 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed. Oil prices seem to be in a tight range as we've seen a reduction in geopolitical risk and nerves about what OPEC may do in regards to raising production," said Phil Flynn, senior analyst with the Price Futures have been kept in check by expectations that the Organization of the Petroleum Exporting Countries and its allies including Russia, know as OPEC+, will boost its August crude oil output by an amount similar to the outsized hikes agreed in May, June, and OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July market is already seeing the results of the previous OPEC+ increases with Saudi Arabia, the world's biggest oil exporter, lifting shipments in June by 450,000 bpd from May, according to data from Kpler, its highest in more than a the U.S., crude oil inventories rose by 680,000 barrels in the past week, according to sources citing figures from the American Petroleum Institute. Official data from the Energy Information Administration is due Wednesday at 10:30 a.m. ET. U.S. non-farm payrolls data due on Thursday will shape expectations around the depth and timing of interest rate cuts by the federal reserve in the second half of this year, said Tony Sycamore, analyst at interest rates could spur economic activity which would in turn boost oil demand Investors are also watching trade negotiations ahead of U.S. President Donald Trump's tariff deadline of July 9. Trump on Tuesday said he is not thinking of extending the deadline.
Economic Times
a day ago
- Business
- Economic Times
Oil prices little changed as investors look ahead to OPEC+ meeting
Oil futures were little changed on Wednesday as investors are wary ahead of a meeting of major producers this week to determine output levels for August. ADVERTISEMENT Brent crude was up 1 cent at $67.12 a barrel at 0124 GMT, while U.S. West Texas Intermediate crude fell 5 cents to $65.40 a barrel. Demand expectations received a boost on Tuesday after a private-sector survey showed factory activity expanded in June in China, the world's biggest oil importer, analysts said. Since Iran and Israel have halted attacks on each other following their 12-day conflict, Brent has traded between a high of $69.04 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed. "Oil prices seem to be in a tight range as we've seen a reduction in geopolitical risk and nerves about what OPEC may do in regards to raising production," said Phil Flynn, senior analyst with the Price Futures Group. Price have been kept in check by expectations that the Organization of the Petroleum Exporting Countries and its allies including Russia, know as OPEC+, will boost its August crude oil output by an amount similar to the outsized hikes agreed in May, June, and July. ADVERTISEMENT Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6. The market is already seeing the results of the previous OPEC+ increases with Saudi Arabia, the world's biggest oil exporter, lifting shipments in June by 450,000 bpd from May, according to data from Kpler, its highest in more than a year. ADVERTISEMENT In the U.S., crude oil inventories rose by 680,000 barrels in the past week, according to sources citing figures from the American Petroleum Institute. Official data from the Energy Information Administration is due Wednesday at 10:30 a.m. ET. U.S. non-farm payrolls data due on Thursday will shape expectations around the depth and timing of interest rate cuts by the federal reserve in the second half of this year, said Tony Sycamore, analyst at IG. ADVERTISEMENT Lower interest rates could spur economic activity which would in turn boost oil demand. Investors are also watching trade negotiations ahead of U.S. President Donald Trump's tariff deadline of July 9. Trump on Tuesday said he is not thinking of extending the deadline.
Perth Now
2 days ago
- Business
- Perth Now
Aust shares rise, Aussie dollar hits seven-month high
The local bourse has had a positive start to the new financial year, with shares moving modestly higher following a record-setting session on Wall Street. At midday AEDT on Tuesday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,556.5, while the broader All Ordinaries had gained 12.4 points, or 0.14 per cent, to 8,785.5. The Australian dollar meanwhile had hit a fresh seven-month high against its weakening American counterpart, buying as much as 65.84 US cents in overnight trading. At midday the Aussie was buying 65.69 US cents, from 65.44 US cents on Monday. Also overnight, both the S&P500 and the Nasdaq finished at fresh record highs amid optimism over potential Fed rate cuts and hopes that countries could reach trade agreements with the US before a July 9 deadline after Canada scrapped its tax of technology companies, IG analyst Tony Sycamore wrote. At midday five of the ASX's 11 sectors were lower and six were higher. Utilities was the biggest mover, up 1.0 per cent as APA Group rose 1.5 per cent, and Origin Energy added 0.9 per cent. In the heavyweight mining sector, Fortescue was up 0.2 per cent but BHP had dipped 0.3 per cent and Rio Tinto had declined 1.1 per cent. The big four banks were mixed, with ANZ up 2.1 per cent, NAB adding 0.4 per cent and Westpac edging 0.1 per cent higher, while CBA had declined 1.1 per cent. HMC Capital had plunged 16.9 per cent after the diversified alternative asset manager announced that its energy transition head, Angela Karl, had stepped down. SGH had dropped 2.7 per cent after diversified operating company formerly known as Seven Group Holdings announced that Vik Bansal, chief executive of its Boral business, would step down in 2026.
CNBC
2 days ago
- Business
- CNBC
Oil prices fall on easing Middle East risks
Oil prices fell 1% on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August boosted the supply outlook. Brent crude futures fell 19 cents, or 0.28%, to $67.58 a barrel by 10:45 a.m. ET, ahead of the August contract's expiry later on Monday. U.S. West Texas Intermediate crude dropped 58 cents, or 0.89%, to $64.94 a barrel. Last week, both benchmarks posted their biggest weekly decline since March 2023, but they are set to finish higher in June with a second consecutive monthly gain of more than 5%. A 12-day war that started with Israel targeting Iran's nuclear facilities on June 13 caused Brent prices to surge above $80 a barrel after the U.S. bombed Iran's nuclear facilities and then slump to $67 after President Donald Trump announced an Iran-Israel ceasefire. The market has stripped out most of the geopolitical risk premium built into the price following the Iran-Israel ceasefire, IG markets analyst Tony Sycamore said in a note. Further weighing on the market, 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 similar-size output increases for May, June and July. OPEC+ is set to meet on July 6 and this would be the fifth monthly increase since the group started unwinding production cuts in April. In the U.S., the number of operating oil rigs, an indicator of future output, fell by six to 432 last week, the lowest level since October 2021, Baker Hughes said.
