9 May (Argus) — Ice Brent crude futures edged up in early Asian trading hours, as the market kept a close watch on US-China trade talks.
At 04:00 GMT, the Ice front-month July Brent contract was at $63.03/bl, higher by 19¢/bl from its settlement on 8 May when the contract ended $1.72/bl higher.
The Nymex front-month June crude contract was at $60.10/bl, higher by 19¢/bl from its settlement on 8 May when the contract ended $1.84/bl higher.
Oil prices inched up today, as traders waited for the outcome of talks between US and Chinese government officials to discuss trade issues this week.
China hinted late last week that it was open to talks, after what it said were repeated approaches from US officials. "After fully considering global expectations, China's own interests, and appeals from US industry and consumers, China has decided to agree to engage with the US," the commerce ministry said on 7 May.
Meanwhile, the US on 8 May imposed sanctions on a Chinese independent refiner and three port terminal operators in China, accusing them of accepting shipments of Iranian crude.
This makes Hebei Xinhai the third independent refiner in China subject to US sanctions, joining Luqing that was sanctioned in March and Shandong Shengxing Chemical that came under US penalties in April.
Elsewhere, the US will carve out import quotas for UK-produced cars and, eventually, reduce tariffs on UK steel and aluminum, under a preliminary deal that US president Donald Trump and UK prime minister Keir Starmer announced on 8 May.
The Trump administration will allow UK car manufacturers to export 100,000 cars to the US at a 10pc tariff rate, instead of the 25pc tariff to which all foreign auto imports are subject.
US crude exports in March fell by 6pc from a year earlier, even as exports hovered above 4mn b/d for a second month.
Total US exports fell to 4.04mn b/d in March, down by 260,000 b/d from March 2024, according to US Census Bureau data. Exports fell by 253,570 b/d compared with February.
Oil price gains may be capped with a stronger US dollar. The US dollar index — which measures the currency against a basket of others — rose on 8 May. A higher dollar may weigh oil demand, as it makes it costly to import crude for holders of foreign currency.
9 May (Argus) — Ice Brent crude futures edged up in early Asian trading hours, as the market kept a close watch on US-China trade talks.
At 04:00 GMT, the Ice front-month July Brent contract was at $63.03/bl, higher by 19¢/bl from its settlement on 8 May when the contract ended $1.72/bl higher.
The Nymex front-month June crude contract was at $60.10/bl, higher by 19¢/bl from its settlement on 8 May when the contract ended $1.84/bl higher.
Oil prices inched up today, as traders waited for the outcome of talks between US and Chinese government officials to discuss trade issues this week.
China hinted late last week that it was open to talks, after what it said were repeated approaches from US officials. "After fully considering global expectations, China's own interests, and appeals from US industry and consumers, China has decided to agree to engage with the US," the commerce ministry said on 7 May.
Meanwhile, the US on 8 May imposed sanctions on a Chinese independent refiner and three port terminal operators in China, accusing them of accepting shipments of Iranian crude.
This makes Hebei Xinhai the third independent refiner in China subject to US sanctions, joining Luqing that was sanctioned in March and Shandong Shengxing Chemical that came under US penalties in April.
Elsewhere, the US will carve out import quotas for UK-produced cars and, eventually, reduce tariffs on UK steel and aluminum, under a preliminary deal that US president Donald Trump and UK prime minister Keir Starmer announced on 8 May.
The Trump administration will allow UK car manufacturers to export 100,000 cars to the US at a 10pc tariff rate, instead of the 25pc tariff to which all foreign auto imports are subject.
US crude exports in March fell by 6pc from a year earlier, even as exports hovered above 4mn b/d for a second month.
Total US exports fell to 4.04mn b/d in March, down by 260,000 b/d from March 2024, according to US Census Bureau data. Exports fell by 253,570 b/d compared with February.
Oil price gains may be capped with a stronger US dollar. The US dollar index — which measures the currency against a basket of others — rose on 8 May. A higher dollar may weigh oil demand, as it makes it costly to import crude for holders of foreign currency.
By Rhalain Reyes