Oil prices pared earlier losses to inch up during trade on Tuesday, despite concerns over a potential U.S. recession, the impact of tariffs on global growth and as OPEC+ sets its sight on ramping up supply.
Brent futures edged up 18 cents, or 0.3%, to $69.46 a barrel at 0640 GMT after falling in early trade. U.S. West Texas Intermediate crude futures rose 9 cents, or 0.1%, to $66.12 a barrel after previous declines as well.
Despite the market noise, Brent at around $70 a barrel is quite a strong support and oil prices may look to stage a technical bounce at current levels, said Suvro Sarkar, energy sector team lead at DBS Bank, adding that the OPEC+ supply response will continue to remain flexible depending on market conditions.
"If oil prices fall below the $70 per barrel mark for an extended period, output hikes may be paused in our opinion. OPEC+ will also keep a careful eye on Trump's Iran and Venezuela policies," he said.
"The U.S. has already taken back Chevron (NYSE:CVX)'s licence to operate in Venezuela and it remains to be seen whether Iran sanctions will be intensified. However, in the interim, worries about global growth amid policy uncertainties and trade wars will dominate."
U.S. President Donald Trump's protectionist policies have roiled markets across the world, with Trump imposing and then delaying tariffs on his country's biggest oil suppliers, Canada and Mexico, while also raising duties on Chinese goods. China and Canada have responded with tariffs of their own.
Source: Investing.com
Oil prices weakened on Thursday (November 6th) as the market digested rising US inventory data and lingering concerns about oversupply. WTI traded below $60 and Brent below $64, continuing its two-day...
Oil prices fell more than 1% on Wednesday, settling at two-week lows on pressure from concerns of a possible global oil glut, but data showing signs of strong U.S. demand for fuel limited losses. Bre...
Oil prices were little changed on Wednesday (November 5) as investors digested weaker economic data from major oil-importing countries and US inventories indicating stronger fuel demand, while a stron...
Oil fell for a second day after an industry report indicated the biggest increase in US inventories in more than three months. West Texas Intermediate held above $60, while Brent set...
Oil prices fell over 1% on Tuesday as OPEC+'s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude...
Gold is trading sideways around $3,980/oz, near a four-week low. The ADP data, which added 42,000 jobs, and the ISM Services PMI, which hit an eight-month high, have led the market to lower bets on a Fed rate cut, in line with Powell's hawkish tone...
The Australian dollar held steady around $0.651 on Thursday, holding onto recent gains after the September trade surplus widened sharply to AUD 3.94 billion (vs. August's revised AUD 1.11 billion), beating estimates of AUD 3.85 billion. The main...
Asian markets opened higher, following Wall Street's rebound. The Nikkei and Kospi jumped around 1% at the open, while US stock futures fluctuated after the Nasdaq 100 rose 0.7% and the S&P 500 gained 0.4%. In the bond market, the 10-year US...
Asian stocks opened lower on Tuesday, reversing Wall Street's rally fueled by Amazon's massive $38 billion deal with OpenAI. Stock markets in South...
The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's...
Asia-Pacific markets declined on Wednesday, following a decline on Wall Street, which was driven by concerns about the valuations of artificial...
European stocks opened slightly higher in November, with the STOXX 50 and STOXX 600 gaining 0.2%, after closing near record highs in October....