Shares Edge Higher in Asia as Oil Dips, Earnings Loom
Brent crude dropped below $72 a barrel as seven OPEC+ members agreed to add 188,000 barrels a day and shipping through Hormuz recovered.
- Oil prices fell on Monday as shipping traffic through the Strait of Hormuz recovered and OPEC+ agreed to boost supply. Brent crude dropped below $72 a barrel, while West Texas Intermediate neared $68.
- OPEC+ members led by Saudi Arabia and Russia backed a modest rise in collective quotas, agreeing to add 188,000 barrels a day next month. The decision signals a desire to boost output as regional conditions normalize following curbs imposed a few years ago.
- Shipping along the U.S.-protected corridor in the Strait of Hormuz showed recovery on Sunday, with 160 vessels passing through from Monday to Saturday last week. Traffic flows despite fractious U.S.-Iran peace talks remaining stalled.
- Cooling energy costs combined with a softer U.S. payrolls report led markets to scale back Federal Reserve rate hike expectations. Futures now imply a 78% chance of a steady outcome at the July 29 meeting.
- Wall Street banks forecast oil prices may slump further this half, with Citigroup Inc. flagging a potential return to $60 by year-end. Timespreads for Brent and Dubai benchmarks have flipped into a bearish contango pattern, signaling output exceeding demand.
58 Articles
58 Articles
OPEC faces unity test as Hormuz reopening revives quota fight
OPEC’s post-war dilemma is no longer just about barrels. It is about whether a cartel built on restraint can still hold together when some of its members urgently need revenue and others have more to lose from a supply surge. The reopening of the Strait of Hormuz has shifted the pressure inside the group. During the war, Iran’s closure and the subsequent US blockade trapped a fifth of global oil supply and forced several Persian Gulf producers t…
In addition to agreeing on production objectives, OPEC+ also faces other challenges following the departure of the United Arab Emirates from the group.
Business Recorder
Sada El baladOil falls after OPEC+ agrees to raise output targets
Oil prices fell on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell 41 cents, or 0.57%, to $71.71 a barrel at 0942 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $68.32 a barrel, down 37 cents, or 0.54%. There was no settlement for WTI on Friday…
Brent crude and WTI recede after OPEC+ agreed on further increases in production by August, while exports from the Gulf and Russia recover and add pressure to global supply.
Oil prices ease as OPEC+ increases production, Hormuz traffic rebounds
Brent crude, the international benchmark, fell 0.15% to $71.87 a barrel as of 8:07 a.m. EDT after dropping as low as $71.09 earlier in the session, its lowest level since before the US-Israel-Iran war began on Feb. 28.
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