13 March (Argus) — Ice Brent crude futures remained above $70/bl in early Asian trading hours following the US report of inflation easing, marking the first drop in four months.
At 04:00 GMT, the Ice front-month May Brent contract was at $70.97/bl, higher by 2¢/bl from its settlement on 12 March when the contract ended $1.39/bl higher.
The Nymex front-month April crude contract was at $67.64/bl, down by 4¢/bl from its settlement on 12 March when the contract ended $1.43/bl higher.
The consumer price index (CPI) slowed to an annual rate of 2.8pc in February, down from 3pc in January, the Labor Department reported on 12 March. Analysts surveyed by Trading Economics had forecast a 2.9pc rate.
Core inflation, which strips out volatile food and energy, rose at a 3.1pc annual rate, down from 3.3pc the previous month and the lowest since April 2021.
US crude inventories rose last week on higher net imports, the EIA reported on 12 March. US crude inventories rose to 435.2mn bl in the week ended 7 March, up from 433.8mn bl a week earlier. This is the highest level since 436.5mn bl in the week ended 19 July 2024. Compared with a year earlier, inventories last week were still down by 11.8mn bl.
"A very big thing that I'm very happy with is oil is down to $65/bl, and that's faster than I wanted to," Trump told reporters during a meeting with Irish prime minister Micheal Martin at the White House. "We stepped on the gas to get the oil ... and we are getting that down," Trump said.
As of 12:01am on 13 March, 25pc reciprocal tariffs on an additional C$29.8bn of imports from the US will be put into place, Canada's finance minister Dominic LeBlanc said Wednesday. This includes C$12.6bn on steel products, C$3bn on aluminum products, and C$14.2bn on additional imported US goods.
In the Middle East, Iranian foreign minister Abbas Araqchi said on 12 March that a letter from US President Donald Trump addressed to Iran's Supreme Leader Ayatollah Ali Khamenei will be delivered soon by an envoy from one of Iran's Mideast Gulf Arab neighbors.
Trump said late last week that he had sent a letter to Khamenei in a bid to resolve US-Iranian tensions through diplomacy. Khamenei is the ultimate decision marker under the Iranian constitution, with authority to direct or overrule Iranian President Masoud Pezeshkian's government.
13 March (Argus) — Ice Brent crude futures remained above $70/bl in early Asian trading hours following the US report of inflation easing, marking the first drop in four months.
At 04:00 GMT, the Ice front-month May Brent contract was at $70.97/bl, higher by 2¢/bl from its settlement on 12 March when the contract ended $1.39/bl higher.
The Nymex front-month April crude contract was at $67.64/bl, down by 4¢/bl from its settlement on 12 March when the contract ended $1.43/bl higher.
US inflation fell in February for the first time in four months, an unexpected improvement amid mounting uncertainty over the new US administration's tariff, immigration and spending policies.
The consumer price index (CPI) slowed to an annual rate of 2.8pc in February, down from 3pc in January, the Labor Department reported on 12 March. Analysts surveyed by Trading Economics had forecast a 2.9pc rate.
Core inflation, which strips out volatile food and energy, rose at a 3.1pc annual rate, down from 3.3pc the previous month and the lowest since April 2021.
US crude inventories rose last week on higher net imports, the EIA reported on 12 March. US crude inventories rose to 435.2mn bl in the week ended 7 March, up from 433.8mn bl a week earlier. This is the highest level since 436.5mn bl in the week ended 19 July 2024. Compared with a year earlier, inventories last week were still down by 11.8mn bl.
President Donald Trump on 12 March pronounced himself "very happy" with oil prices at $65/bl, applauding a recent drop in crude prices.
"A very big thing that I'm very happy with is oil is down to $65/bl, and that's faster than I wanted to," Trump told reporters during a meeting with Irish prime minister Micheal Martin at the White House. "We stepped on the gas to get the oil ... and we are getting that down," Trump said.
Canada is levying new counter-tariffs worth nearly C$30bn ($20.9bn) on the US in response to Washington's 25pc tariff on steel and aluminum imports.
As of 12:01am on 13 March, 25pc reciprocal tariffs on an additional C$29.8bn of imports from the US will be put into place, Canada's finance minister Dominic LeBlanc said Wednesday. This includes C$12.6bn on steel products, C$3bn on aluminum products, and C$14.2bn on additional imported US goods.
In the Middle East, Iranian foreign minister Abbas Araqchi said on 12 March that a letter from US President Donald Trump addressed to Iran's Supreme Leader Ayatollah Ali Khamenei will be delivered soon by an envoy from one of Iran's Mideast Gulf Arab neighbors.
Trump said late last week that he had sent a letter to Khamenei in a bid to resolve US-Iranian tensions through diplomacy. Khamenei is the ultimate decision marker under the Iranian constitution, with authority to direct or overrule Iranian President Masoud Pezeshkian's government.
By Rhalain Reyes