Oil prices were little changed on Thursday (July 31st) as investors weighed supply risks stemming from US President Donald Trump's push for a swift resolution to the war in Ukraine through additional tariffs, while a surprise increase in US crude stockpiles weighed on prices.
Brent crude futures for September, which expire on Thursday, rose 4 cents, or 0.05%, to $73.28 a barrel at 08:12 GMT. US West Texas Intermediate crude for September also rose 4 cents, or 0.06%, to $70.04. Both benchmarks rose 1% on Wednesday.
"We're looking for more clarity on the nature of any new tariffs or sanctions against Russia," said Harry Tchiliguirian of Onyx Capital Group. The US president's history of implementing policies and then changing them days later has left traders and analysts hesitant to price them in, Tchiliguirian added.
Trump said he would begin imposing measures against Russia, including 100% secondary tariffs on its trading partners, if Russia does not make progress in ending the war in Ukraine within 10-12 days, moving up the previous deadline by 50 days. The US has also warned China, Russia's largest oil buyer, that it could face significant tariffs if it continues to purchase.
On Wednesday, the US Treasury Department announced new sanctions on more than 115 individuals, entities, and vessels linked to Iran, escalating the Trump administration's "maximum pressure" campaign following the bombing of Iranian nuclear sites in June. Meanwhile, US crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by declining exports, according to the Energy Information Administration (EIA) on Wednesday. Analysts had expected a decline of 1.3 million barrels.
Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a 600,000-barrel decline. "US inventory data showed a surprise increase in crude oil stocks, but a larger-than-expected decline in gasoline supported the outlook for strong driving season demand, thus having a neutral impact on the oil market," said Fujitomi Securities analyst Toshitaka Tazawa. (alg)
Source: Reuters
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 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 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 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 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...
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 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,...
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...
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 2.6% in...
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...
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...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment...