Oil prices inched down on Tuesday after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by U.S. President Donald Trump's suggestion of some new tariff exemptions.
Brent crude futures were down 50 cents, or 0.8%, at $64.38 per barrel by 1005 GMT. U.S. West Texas Intermediate crude also dipped 50 cents, or 0.8%, to $61.03 a barrel.
Vacillating U.S. trade policies have created uncertainty for global oil markets and prompted OPEC on Monday to lower its demand outlook.
The IEA also cut its forecasts on Tuesday for global oil demand growth to 730,000 barrels per day (bpd) this year from 1.03 million bpd - and to 690,000 bpd next year, citing escalating trade tensions.
Meanwhile, Swiss bank UBS cut its price forecast for Brent by $12 a barrel to $68 a barrel on Tuesday.
"Should the trade war further escalate, our downside risk scenario case — i.e., a deeper U.S. recession and a hard landing in China — could see Brent trading at $40-60/bbl over the coming months," said UBS analyst Giovanni Staunovo.
BNP Paribas (OTC:BNPQY) lowered its average price expectation for this year and next to $58 a barrel from $65.
In comments that helped to support prices, U.S. Energy Secretary Chris Wright said on Friday the United States could stop Iranian oil exports as part of Trump's plan to pressure Tehran over its nuclear programme.
Source: Investing.com
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...