Oil fell, following its biggest weekly loss in more than two years, as hedge funds piled into bearish bets after a fragile truce between Iran and Israel, and before a likely OPEC+ supply hike.
Brent dropped to near $67 a barrel after sliding 12% last week, while West Texas Intermediate traded around $65. Iran said it remains skeptical that the US-brokered ceasefire with Israel will last, although President Donald Trump suggested he might back eventual sanctions relief for the Islamic Republic "if they can be peaceful."
Key members of the Organization of the Petroleum Exporting Countries and its allies are ready to consider another 411,000 barrel-a-day increase for August when they meet on Sunday, according to several delegates. It would be the fourth month in a row the group agreed on such a bumper hike, triple the initially planned volumes.
Oil is trading near where it started before Israel first attacked Iran on June 13, with the focus returning to supply and demand fundamentals. Apart from the potential OPEC+ increase, which may worsen a glut forecast for later this year, investors will be focused on trade talks — with just 10 days until Trump's country-specific tariffs are set to resume.
Source: Bloomberg
Oil prices edged higher on Friday (July 18th), heading for a slight weekly loss, as investors weighed new EU sanctions against Russia. Brent crude futures rose 50 cents, or 0.72%, to $70.02 a barrel ...
Oil headed for a back-to-back daily gain after US data showed the world's largest economy holding up despite the fallout from the Washington-led trade war, while market metrics pointed to near-term ti...
Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid...
Oil held a gain after US data showed the world's largest economy holding up despite the fallout from the Washington-led trade war, while crude market metrics pointed to near-term tightness. Global be...
Oil prices rose $1 on Thursday after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. Brent crude futures settled at $69.52 a barrel, up $...
The EUYR/USD finished Friday's session with gains of over 0.26% amid a weaker US Dollar, following dovish comments by Fed Governor Christopher Waller, which weighed on US Treasury yields. Still, an improvement in Consumer Sentiment capped the...
The U.S. dollar slipped against the euro on Friday but held on to weekly gains, as investors weighed expected Federal Reserve policy amid signs that tariffs may be starting to increase some inflation pressures and as U.S. President Donald Trump...
Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from...
Federal Reserve Governor Chris Waller, an advocate for an immediate interest rate cut, said on Friday he would accept the job as head of the U.S....
Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of...
The case for a U.S. interest rate cut remains unresolved as Federal Reserve officials head into their policy meeting later this month, with data...
The S&P 500 briefly touched an all-time high before hovering flat in the afternoon session, while the Nasdaq dipped 0.2% as investors weighed...