Latest news with #USWestTexasIntermediate
The Star
16 hours ago
- Business
- The Star
Oil steadies on potential Opec+ August output hike
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. HOUSTON: Oil prices edged up slightly on Friday, 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. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
New Straits Times
a day ago
- Business
- New Straits Times
Oil set for weekly loss on fading Mideast supply risks
NEW YORK: 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 per cent, to US$68.07 a barrel by 0111 GMT. US West Texas Intermediate crude gained 33 cents, or 0.51 per cent, to US$65.57 a barrel. The benchmarks were set to fall about 12 per cent for the week. Oil futures hit their lowest in more than a week on Tuesday after US President Donald Trump said a ceasefire had been agreed between Iran and Israel. Oil prices inched up on Thursday, though, as US government data showed crude oil and fuel inventories fell 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 US 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.
Shafaq News
5 days ago
- Business
- Shafaq News
Trump urges oil producers to hold prices down
Shafaq News/ On Monday, US President Donald Trump called on oil-producing nations to keep prices low, as tensions continue to mount in the Gulf. "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" Trump posted on Truth Social. His remarks followed a sharp uptick in global oil benchmarks. Brent crude jumped 5.7% to $81.40 per barrel—its highest level since mid-January—before retreating to $78.05 by 12:20 p.m. London time, while US West Texas Intermediate rose 1.3% to $74.79 per barrel for August delivery. The market rally comes amid growing fears over a potential Iranian move to obstruct the Strait of Hormuz in response to recent US airstrikes on nuclear facilities. The Strait handles roughly a fifth of the world's oil trade, and any disruption could drive prices sharply higher.
New Straits Times
6 days ago
- Business
- New Straits Times
Oil hits five-month high after US attacks key Iranian nuclear sites
SINGAPORE: Oil prices jumped on Monday to their highest since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply worries. Brent crude futures was up US$1.92 or 2.49 per cent at US$78.93 a barrel as of 0117 GMT. US West Texas Intermediate crude advanced US$1.89 or 2.56 per cent to US$75.73. Both contracts jumped by more than 3 per cent earlier in the session to US$81.40 and US$78.40, respectively, touching five-month highs before giving up some gains. The rise in prices came after US President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC's third-largest crude producer. Market participants expect further price gains amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. Iran's Press TV reported that the Iranian parliament had approved a measure to close the strait. Iran has in the past threatened to close the strait but has never followed through on the move. "The risks of damage to oil infrastructure ... have multiplied," said Sparta Commodities senior analyst June Goh. Although there are alternative pipeline routes out of the region, there will still be crude volume that cannot be fully exported out if the Strait of Hormuz becomes inaccessible. Shippers will increasingly stay out of the region, she added. Goldman Sachs said in a Sunday report that Brent could briefly peak at US$110 per barrel if oil flows through the critical waterway were halved for a month, and remain down by 10 per cent for the following 11 months. The bank still assumed no significant disruption to oil and natural gas supply, adding global incentives to try to prevent a sustained and very large disruption. Brent has risen 13 per cent since the conflict began on June 13, while WTI has gained around 10 per cent. The current geopolitical risk premium is unlikely to last without tangible supply disruption, analysts said. Meanwhile, the unwinding of some long positions accumulated following a recent price rally could cap an upside to oil prices, Ole Hansen, head of commodity strategy at Saxo Bank, wrote in a market commentary on Sunday.
Time of India
18-06-2025
- Business
- Time of India
Oil prices ease as Iran-Israel conflict enters sixth day
Oil prices eased in Asian trade on Wednesday, after a gain of 4 per cent from the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a US Federal Reserve rates decision that could weigh on oil demand . Brent crude futures slipped 49 cents, or 0.6 per cent, to $75.96 a barrel by 0620 GMT. US West Texas Intermediate crude futures fell 38 cents, or 0.5 per cent, to $74.46 per barrel. Both had initially been up 0.3 per cent to 0.5 per cent in early trade. U.S. President Donald Trump called on Tuesday for Iran's "unconditional surrender" as the Iran-Israel air war entered a sixth day. The US military is deploying more fighter aircraft to the region to bolster its forces, three officials said on Tuesday. Israel is running low on defensive "Arrow" missile interceptors, however, raising concerns about its ability to counter long-range ballistic missiles from Iran, the Wall Street Journal said on Wednesday, citing an unidentified US official. Analysts said the market was largely worried about supply disruptions in the Strait of Hormuz, a conduit for a fifth of the world's seaborne oil. Iran is OPEC's third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil, but spare capacity among producers in the Organization of the Petroleum Exporting Countries and its allies can readily cover this. "Material disruption to Iran's production or export infrastructure would add more upward pressure to prices," Fitch analysts said in a client note. "However, even in the unlikely event that all Iranian exports are lost, they could be replaced by spare capacity from OPEC+ producers ... around 5.7 million barrels a day." Brent crude oil prices have gained about $10 a barrel over the past two weeks, and Fitch analysts said they expect the geopolitical risk premium in oil prices to be contained at about $5 to $10. Markets are also looking ahead to a second day of U.S. Federal Reserve discussions on Wednesday, in which the central bank is expected to leave its benchmark overnight interest rate in the range of 4.25 per cent to 4.50 per cent However, the conflict in the Middle East and the risk of slowing global growth could push the Fed to potentially cut rates by 25 basis points in July, sooner than the market's current expectation of September, said Tony Sycamore, market analyst with IG. "The situation in the Middle East could become a catalyst for the Fed to sound more dovish, as it did following the October 7, 2023, Hamas attack," Sycamore said. Lower interest rates generally boost economic growth and demand for oil. Confounding the decision for the Fed, however, is that the Middle East conflict also creates a new source of inflation via surging oil prices. Further, recent data showed the U.S. economy was slowing as Trump's erratic policymaking style fed uncertainty.
