Tag: oil price

Oil prices rise 1% on trade war relief, US pressure on Russia

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Oil prices

NEW YORK: Oil prices rose on Tuesday, extending the previous day’s rally, on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine. Brent crude futures were up 95 cents, or 1.36%, at $70.99 a barrel at 12 p.m. EDT (1600 GMT), having touched their highest since June 23, while U.S. West Texas Intermediate crude was at $67.70, up 99 cents, or 1.48%. Both contracts settled more than 2%…

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Discount on Russian Urals oil shipped to India is smallest since 2022, traders say

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Oil falls

MOSCOW/NEW DELHI: Discounts for Russia’s flagship Urals crude oil for delivery to Indian ports in August shrank to their narrowest levels since 2022 amid high demand and shrinking spot supply, three traders in the grade’s market said on Friday. Narrowing discounts and lower supply of spot Russian barrels will push Indian refiners to look for alternative oil like United Arab Emirates’ Murban or U.S. West Texas Intermediate (WTI) grades, traders said. The narrowing discount shows how Moscow is managing to keep its oil sales up despite Western sanctions, while its…

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Oil steady ahead of OPEC+ meeting as trade war concerns ease

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Oil falls

LONDON: Oil prices were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase output at a meeting later this week. Brent crude futures were down 28 cents, or 0.4%, at $64.46 a barrel by 1154 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $61.20 a barrel. Easing trade war concerns are lifting prices, but the upside remains limited until it is clear what the OPEC+ will decide on Saturday, said UBS analyst Giovanni Staunovo. The Organization of…

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Oil steadies after Trump extends EU trade talks deadline

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Oil falls

LONDON: Oil prices traded around flat on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hit fuel demand. Brent crude futures were unchanged at $64.78 a barrel by 1234 GMT while U.S. West Texas Intermediate crude slipped 4 cents to $61.49 a barrel. Both contracts had traded higher earlier in the session after Trump said he agreed to extend a deadline for trade talks with the European Union until July 9. “Trump’s…

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IEA sees global oil market surplus for 2025 as demand disappoints

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Oil falls

LONDON: Global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said on Thursday, due to growth led by the United States and weaker than expected global demand. The outlook of ample supplies despite U.S. sanctions on major exporters Russia and Iran highlights the challenge for OPEC+, or the Organization of the Petroleum Exporting Countries plus Russia and other allies, in balancing the market. “The United States is currently producing at record highs and is forecast to be the largest source of…

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