- Brent crude rose to $68.88 a barrel after a three-day decline
- US crude inventories fell while distillate stocks increased
- Trump plans tariffs of 10% or 15% on over 150 countries
Oil was little changed in London, giving up earlier gains after the dollar was whipsawed by speculation over the future of Federal Reserve Chair Jerome Powell.
Brent traded at $68.38 a barrel, having risen as high as $69 earlier in the day, with a similar pattern for West Texas Intermediate. The US dollar moved inversely at around the same time that oil rallied, having been roiled by President Donald Trump's continuing push for lower interest rates, even though he denied a plan to ax Powell after floating the idea to lawmakers.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
“It looks like the dollar,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “It seems market participants are adjusting their Fed concerns a bit.”
Other commodities denominated in the US currency including metals and grains were also trading lower. For oil, the move lower comes despite supply concerns. Stockpiles at Cushing, the key US storage hub, continued to slide, while Kurdistan has lost about 200,000 barrels a day of oil production to due drone attacks on its fields.
In the US, distillate stockpiles remain at the lowest seasonal level since 1996 even after last week's increase. At the same time, the spread in futures between low-sulfur gasoil and Brent for September — a gauge of the profitability of making diesel — has risen about 7% this month.
In the Middle East, several oil fields in the semi-autonomous Kurdistan region of northern Iraq were attacked by drones on Wednesday, adding to the security risks already faced by energy installations in the area. Still, Kurdistan hasn't been shipping any crude to global markets since an export pipeline was shut more than two years ago.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.