Monday, 04 August 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Prices Steady On Us, China Growth Concerns
Monday, 19 May 2025 23:08 WIB | OIL |Minyak WTIbrent oil

Oil prices were steady on Monday despite Moody's downgrading the US sovereign credit rating and official data showing a slowdown in growth in industrial production and retail sales in China.

The developments have raised concerns about the outlook for the world's two largest economies and expectations that demand for oil could slow, after Beijing and Washington agreed to lift most tariffs on each other's goods, boosting prices.

"The weaker-than-expected Chinese data did not help crude, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo.

Brent crude futures were down 1 cent at $65.39 a barrel by 1438 GMT while U.S. West Texas Intermediate crude was up 9 cents, or 0.1%, at $62.58. The nearby June WTI contract expires on Tuesday.

Both contracts rose more than 1% last week. Comments from U.S. Treasury Secretary Scott Bessent that President Donald Trump would impose tariffs at the level he threatened last month on trading partners that do not negotiate in "good faith" added to pressure on the oil market.

"Today's weakness is just a continuation of crude's wild ride that has yielded nothing, with the latest move being triggered by a Moody's downgrade and Scott Bessent's warning," said Ole Hansen of Saxo Bank.

Official Chinese data on Monday showed growth in industrial output slowed in April, although the performance was still better than economists had expected.

Investors are monitoring progress in nuclear talks between the United States and oil producer Iran, with uncertainty over the outcome limiting losses in oil prices.

"The U.S.-Iran nuclear negotiations are unclear and could take months," said John Evans of oil broker PVM. (Newsmaker23)

Source: Reuters

RELATED NEWS
Oil falls $2 a barrel on worries about OPEC+ supply, US jobs data...
Saturday, 2 August 2025 05:16 WIB

Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude...

Oil Prices Steady As Investors Weigh Impact Of US Tariffs ...
Friday, 1 August 2025 20:06 WIB

Oil prices were little changed on Friday (August 1st) and headed for weekly gains as investors weighed the impact of further import tariffs imposed by US President Donald Trump and the threat of sanct...

Oil Prices Steady As Investors Weigh Impact Of US Tariffs ...
Friday, 1 August 2025 16:15 WIB

Oil prices were little changed on Friday (August 1st) and headed for weekly gains, as investors weighed the impact of further tariffs and sanctions from US President Donald Trump. Brent crude futures...

Oil Heads for Weekly Gain as Traders Focus on Russia, US Tariffs...
Friday, 1 August 2025 07:22 WIB

Oil is on track for the biggest weekly gain since mid-June after President Donald Trump ramped up pressure on Russia, as the market braced for the fallout from US tariffs that take effect on Frid...

Oil prices fall as Trump's Aug 1 trade tariff deadline looms...
Friday, 1 August 2025 04:19 WIB

Oil prices declined on Thursday as U.S. President Donald Trump's August 1 tariff deadline loomed over investors, with uncertainty surrounding countries yet to negotiate a trade deal with the U.S. Bre...

LATEST NEWS
AUD/USD slips despite soft NFP as RBA rate cut

The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) on Friday, giving back most of its earlier gains despite broad weakness in the Greenback following a disappointing Nonfarm Payrolls (NFP) data. The AUD/USD initially...

Oil falls $2 a barrel on worries about OPEC+ supply, US jobs data

Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures settled at $69.67 a barrel, down $2.03,...

Yen primed for multi-year rally

The yen has suffered a difficult month, but BCA Research thinks the Japanese currency is primed for a multi-year rally. At 08:30 ET (12:30 GMT), USD/JPY traded 0.2% lower at Y150.49, having earlier in the session climbed as high as Y150.91, the...

POPULAR NEWS
US Non-Farm Payrolls Fall Short of Expectations
Friday, 1 August 2025 19:36 WIB

US non-farm payrolls rose by 73,000 in July 2025, after being revised down by 14,000 in June and well below the 110,000 estimate. The upward trend...

European Stocks Lower to Kick Off August
Friday, 1 August 2025 14:57 WIB

The STOXX 50 dropped 1.1% and the STOXX 600 declined 0.8% on the first trading day of August, which coincided with the deadline for countries to...

U.S. Sets Lower 19% Tariff on Malaysian Exports After Talks
Friday, 1 August 2025 12:41 WIB

U.S. President Donald Trump has imposed a 19% tariff on exports from Malaysia to the U.S., lower than the 25% rate he initially threatened in July....

European Equities Tumble in Friday Trading; EU Inflation Rises 2%
Saturday, 2 August 2025 00:31 WIB

The European stock markets closed sharply lower in Friday trading as The Stoxx Europe 600 fell 1.8%, Germany's DAX dropped 2.5%, the FTSE 100 was...