Oil steadied after its biggest gain in almost two weeks, as a US trade deal with Vietnam boosted optimism further agreements will be made by next week's cutoff.
West Texas Intermediate traded above $67 a barrel after surging more than 3% on Wednesday, with Brent crude closing near $69. The deal with Vietnam would be just the third announced following agreements with the UK and China, as trading partners race to cut agreements with the US ahead of a July 9 deadline.
Crude has been buffeted in recent weeks, surging and collapsing along with perceived geopolitical risk in the Middle East, although trading has calmed in recent days. Focus is returning to trade talks, and the associated tariffs that threaten oil demand, as well as to Sunday's OPEC+ meeting, at which the producer group is widely expected to agree on another bumper increase in supply.
Prices:
WTI for August delivery fell 0.3% to $67.27 a barrel at 7:28 a.m. in Singapore.
Brent for September settlement closed 3% higher at $69.11 a barrel.
Source: Bloomberg
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...