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 Friday.
West Texas Intermediate was steady above $69 a barrel, up more than 6% for the week, the largest weekly move since Israel attacked Iran. Brent settled below $72 on Thursday. Trump has threatened economic penalties on Moscow if a swift truce on the war in Ukraine isn't reached, and singled out India for higher levies, in part due to its buying of Russian crude and weapons.
For now, financial markets will be fixated on Trump's tariffs and any retaliatory measures from targeted trading partners. He has signed an executive order that increases the rate on Canada to 35% from 25%, but will keep a minimum global tariff of 10%. The president recently said India would face a 25% duty.
India has told its refiners to come up with plans for buying non-Russian crude after Trump took aim at the country. The South Asian nation has ramped up its buying of oil from the OPEC+ producer since the war in Ukraine, with more than a third of its overall purchases from Russia this year.
Source: Bloomberg
Oil held the biggest decline in a week after US fuel inventories rose, while investors monitor the fallout from sanctions on two major Russian producers that are scheduled to take effect on Frida...
Oil prices fell on Wednesday after reports indicated the United States is renewing its push to end Russia's war in Ukraine and has drafted a framework for it. Brent crude futures fell $1.63, or 2.5%,...
Oil prices fell slightly on Wednesday (November 19th) as an industry report showed rising crude inventories in the United States, reinforcing concerns about oversupply, although the decline was limite...
Oil steadied as traders weighed a report showing rising US stockpiles against concerns about the fallout from sanctions on Russia. West Texas Intermediate traded below $61 a barrel, after gainin...
Oil prices settled higher on Tuesday after a choppy session as traders weighed the impact of Western sanctions on Russian oil flows, as well as U.S. President Donald Trump saying his administration ha...
Brent oil prices strengthened on Thursday (November 20th), driven by concerns about supply disruptions amidst still-high geopolitical tensions. Brent moved with daily gains of around 0.3% and has strengthened nearly 4% in the past month. Positive...
The Hang Seng closed almost flat at 25,835 on Thursday (November 20), reversing morning gains after four consecutive sessions of losses. Strength in the financial sector helped offset declines in technology, property, and consumer stocks after the...
European markets rallied at the opening bell on Thursday as investors reacted to strong earnings from leading artificial intelligence company Nvidia. The pan-European Stoxx 600 rose 1% in the first few minutes of trading. Nvidia released its...
European markets opened lower on Tuesday (November 18th) as global markets weakened amid renewed concerns over AI-related stocks.
The pan-European...
Federal Reserve Vice Chair Philip Jefferson said on Monday the U.S. central bank needs to "proceed slowly" with any further interest rate cuts as it...
Initial jobless claims in the United States reached 232,000 for the week ending October 18, according to data from the US Department of Labor...
The three major stock averages in the US swung around the flatline on Monday, as investors braced for the resumption of economic data releases from...